Mornington Capital, represented by Cushman & Wakefield in collaboration with Hodges Ward & Elliott, has sold Prague’s iconic Don Giovanni Hotel to the family-owned fund from Scandinavia. The purchase price was not disclosed. Czech Inn Hotels remains the hotel’s operator. Don Giovanni offers 412 rooms and 30 conference rooms with a total capacity of 2,000 seats. Its development started in 1993 and the hotel officially opened in the spring of 1995. Named after one of Mozart’s operas, the hotel was initially operated by the Rogner chain.
David Nath, Head of the Central & Eastern European Hospitality Team at Cushman & Wakefield, said: “The investment market for hotel properties is in very good shape and the demand from investors is huge. To be specific, many prospective buyers have set their sights on large hotel properties, but this premium product is in short supply in Prague 1. As a result, investors look at the broader centre of Prague such as the Zizkov quarter where Don Giovanni is situated. The performance of the hospitality sector has greatly improved in recent years, which has contributed to achieving the maximum price.”
Tomas Cejnar, senior investment advisor at Cushman & Wakefield Hospitality CEE, said: “This is the second largest transaction in the hospitality sector completed this year, following Prague’s InterContinental Hotel. Also, the fact that Czech Inn Hotels has retained its position as the operator of the Don Giovanni Hotel for the future shows that Czech hotel operators are perceived very positively by international investors.”
Christopher Eddis, Mornington Capital, commented: “We were delighted to work with our whole team on this transaction and to be able to transfer the hotel into such good hands, in the form of the purchaser Wenaas Group. We have also been very happy that the hotel will continue with its existing management team from Czech Inn Hotels, which has been an operating partner of Mornington Capital for 15 years. Ongoing investment by the purchaser will ensure continued growth and improvement of the hotel, which has been extensively turned around since original acquisition in 2015.”
