PPF Group acquires Czech Republic’s largest hotel, ÚOHS approved the transaction

PPF Group, owned by Czech billionaire Renáta Kellnerová and her family, has received regulatory approval to acquire Quinn Hotels Praha, the owner of Hilton Prague, the largest hotel in the Czech Republic. The Czech Office for the Protection of Competition (ÚOHS) approved the transaction, confirming that the merger poses no threat to market competition. The financial details of the deal were not disclosed, but industry experts estimate its value to be in the billions of Czech crowns. According to reports from Hospodářské noviny, the purchase price could range between CZK 6.25 billion and CZK 8.25 billion, with the bid potentially exceeding €350 million (over CZK 8.8 billion).

Quinn Hotels Praha, which currently owns Hilton Prague, is controlled by Irish investors, with its sole shareholder being Quinn Group Luxembourg Hotels. According to the company’s 2023 financial statements, Quinn Hotels Praha reported a net turnover of CZK 1.3 billion, closing the year with a loss of CZK 160 million, following a CZK 239 million profit in 2022. A valuation by CBRE in late 2022 estimated the hotel’s worth at €250.4 million, or more than CZK 6 billion.

PPF is acquiring Quinn Hotels Praha through its real estate subsidiary, PPF Real Estate. According to Robert Ševela, Chairman of the Board of PPF Real Estate Holding, the acquisition aligns with the company’s comprehensive approach to real estate investment, which spans various sectors, including tourism, congress tourism, and event organization. “The Hilton Prague investment perfectly complements our strategy of creating long-term, sustainable value through active property management,” Ševela stated.

Recent reports indicate that PPF Group has partnered with billionaire Michal Strnad to establish a joint venture aimed at real estate investments. Their new company, Majestic Hospitality, was registered in December 2024, with PPF holding a 70% stake through PPF Real Estate and Strnad’s Industry SPV owning the remaining 30%. The joint venture was formed shortly after PPF announced its agreement to acquire Quinn Hotels Praha.

Source: CTK
Photo: Hilton Prague