Russian private investment firm GledenInvest has completed the acquisition of the Augustine hotel in Prague from Austrian group Raiffeisen Evolution for an undisclosed amount.
Russian private investment firm GledenInvest has completed the acquisition of the Augustine hotel in
Prague from Austrian group Raiffeisen Evolution for an undisclosed amount.
The deal was financed by Erste Bank Group.
A spokesperson for GledenInvest said the property is the first to be acquired for a new private investment vehicle which will target value-add hotel investment opportunities in selected destinations across Europe.
The Augustine hotel is located in the heart of the Malá Strana, Prague’s historic district. It opened in 2009 following an extensive refurbishment and occupies seven buildings including a 13th century monastery and brewery that was once home to the friars of Saint Augustine.
The property comprises 101 rooms and suites as well as meeting facilities.
GledenInvest said it will look for an experienced international operator to reposition the asset.
The firm has already invested in a number of Moscow hotel properties, including the iconic Metropol Hotel, a new Hyatt luxury country hotel resort project, and two luxury hotel developments in the historic city centre.
Founded by Alexander Klyachin who serves as its chairman, GledenInvest has acquired and invested over $2 bn in assets since its establishment in 2008. The company also owns Azimut Hotels, a mid-market hotel operator with 22 hotels under management.
