Real estate investment trust Strategic Hotels & Resorts has finalised the sale of the InterContinental Prague in the Czech Republic for €108m ($141.8m).

The property was sold to an investment group led by an affiliate of Westmont Hospitality.

The 327-room hotel is located on the banks of the Vltava River.

Strategic Hotels & Resorts CEO Laurence Geller said the disposition supports the company’s continued focus on reducing corporate expenses and eliminates the future capital investment required to maintain the property.

The Chicago-based company owns 16 hotels in the US, Mexico and Europe comprising 7,600 rooms.