Tuesday, 9 September 2014
GledenInvest acquires historic luxury hotel in CEE to launch new private hospitality investment platform (CZ)
GledenInvest, a leading Russian private investment firm, announced that it has completed acquisition of the Augustine Hotel in Prague, Czech Republic. The terms of the transaction were not disclosed.
Acquisition of the Augustine Hotel marks strategic expansion of GledenInvest at the international level. A spokesperson of the company stated that a private investment vehicle is being formed to target value-add hotel investment opportunities in selected destinations across Europe, Asia and Africa.
“We are delighted to complete this transaction with GledenInvest and for the Augustine Hotel to find the new owner who will take a good care of this truly unique property” – said Gerald Beck, CEO of Raiffeisen Evolution.
The Augustine Hotel is located in the heart of the Malá Strana, the oldest part of the Prague’s historic district, between the Prague Castle and the Charles Bridge. Opened in 2009 following an extensive restoration and refurbishment, the hotel occupies seven buildings including a 13th century monastery and brewery that was once home to the friars of Saint Augustine. The luxuriously refurbished property comprises of 101 well-appointed guestrooms and suites, an all-day dining restaurant, a bar, a historic brewery, and state-of-the-art relaxation and meeting facilities.
The Augustine Hotel will undergo imminent rebranding by a renowned international hotel operator to be repositioned as one of the top luxury properties in Central and Eastern Europe.
“The acquisition of the Augustine Hotel, which Erste Group Bank AG (EGB) helped to underwrite, forges new and lasting relationship with GledenInvest. I am hopeful that this relationship will lead to future collaboration on other projects between the bank and the investor.” noted Alexander Roessler of EGB.