CPI Property Group (CPIPG) has announced the divestment of a 50% stake in its subsidiary that owns a portfolio of eight hotel properties in the Czech Republic.
This move comes alongside the signing of a joint venture agreement with Best Hotel Properties.
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The gross transaction value is approximately €347m ($379.21m), with the 50% stake valued at around €173m ($189.06m).
The joint venture encompasses several of CPI Property Group’s hotel assets in the Czech Republic.
These properties include Mamaison Residence Downtown Prague, Clarion Congress Hotel Prague, and Comfort Hotel Prague City East, among others
CPI Hotels, the operating arm for these properties, is also part of the agreement.
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By GlobalDataCPI Property Group and Best Hotel Properties have committed to this long-term joint venture agreement, ensuring the continued operation of the hotels by CPI Hotels.
Slovakian company Best Hotel Properties has expertise in managing premium and luxury hotel properties, primarily in the Central and Eastern European (CEE) region.
CPIPG CEO David Greenbaum said: “CPIPG is excited to work with BHP and sees this partnership as an opportunity to share operational knowledge and take our hotel portfolio to the next level.”
CPIPG anticipates to use the net proceeds from the transaction for debt repayment.
