The Hilton Prague, formerly owned by Sean Quinn and his family, is being formally put up for sale by the Irish Bank Resolution Corporation with a likely price tag of up to €300m, marking the end of another chapter in the dismantling of the former Quinn empire.
The property, which is the largest branded hotel in the Czech Republic and one of the largest Hilton hotels in Europe, boasts 791 guestrooms, multiple dining outlets, extensive leisure facilities, and conference space. It has seen significant investments over the years, and the company behind it posted a profit of €9.7m in the latest accounts.
Commercial property specialist CBRE has been appointed to handle the sale of the hotel and expects strong investor interest, particularly in the Meetings, Incentives, Conferences, and Events (MICE) market where the property has a solid performance.
The sale of the Hilton Prague comes after an unsuccessful attempt to buy the Slieve Russell Hotel in Co Cavan led by Sean Gallagher and backed by Sean Quinn. The latter hotel is also up for sale with a guide price of €35m.
