Singapore-based M&L Hospitality Trust has acquired the Hilton Prague Old Town hotel plus an adjacent 6,900 m2 mixed-use commercial building called Gestin Centrum from Blackstone for an undisclosed sum.
JLL Advises Blackstone on the sale of the 5-star, 303 bedroom freehold asset, which was acquired as a Renaissance in 2006 as part of a larger portfolio deal and subsequently converted to a core brand Hilton in 2007.
'2016 has been a year characterised by continued capital flows from Asian institutional investors into the European hotels and hospitality market and this latest transaction is part of a trend which we believe will continue well into 2017,' commented Patrick Saade, executive vice-president, European transactions in JLL’s Hotels & Hospitality Group.
M&L Hospitality Trust is an international real estate investment platform specialising in hotels, and with offices in Amsterdam, Singapore and Sydney.
