PPF Group acquires Quinn Hotels Prague, the owner of Hilton Prague

PPF Group, led by Renáta Kellnerová and her family, has acquired Quinn Hotels Prague, the owner of Hilton Prague, the largest hotel in the Czech Republic. The transaction, confirmed by PPF, represents a strategic move to strengthen the group’s real estate division in the tourism and congress tourism sectors. While the financial details of the deal remain undisclosed, the acquisition is under review by the Office for the Protection of Competition (ÚOHS), which has yet to issue a decision.

“The proposed merger primarily concerns hotel accommodation services and conference and congress organization,” noted the ÚOHS.

Robert Ševela, Chairman of the Board and CEO of PPF Real Estate Holding, emphasized the strategic importance of the investment. “PPF Real Estate focuses on comprehensive real estate investment and portfolio management across all segments, including tourism and congress tourism. Hilton Prague perfectly aligns with this strategy, contributing to long-term and sustainable value through active property management,” Ševela stated.

The Hilton Prague, originally built as the Atrium Hotel in 1991 by the state-owned Cedok in collaboration with French firm CBC Paris, boasts 11 floors, 791 rooms, and a convention area spanning 5,000 square meters. It has hosted prominent figures, including U.S. Presidents Bill Clinton, George W. Bush, and Barack Obama, as well as notable stars from film and music.

Quinn Hotels Prague, owned by Luxembourg-based Quinn Group Luxembourg Hotels, reported a net turnover of CZK 1.3 billion in 2023 but ended the year with a loss of CZK 160 million. An independent valuation by CBRE in December 2022 placed the hotel’s value at €250.4 million (approximately CZK 6 billion). Industry estimates suggest the transaction price could range between CZK 6.25 billion and CZK 8.25 billion, with some reports indicating a potential price exceeding €350 million (CZK 8.8 billion).

PPF Group operates in Europe, Asia, and North America, with investments spanning financial services, telecommunications, media, biotechnology, real estate, and engineering. The group’s assets total €44.1 billion (CZK 1.1 trillion), and it employs 47,000 people worldwide. Key subsidiaries include Air Bank, Cetin, O2, Central European Media Enterprises (CME), PPF Real Estate Holding, Škoda Group, and CzechToll.

Source: PPF Group and CTK
Photo: Hilton.com