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New hotel transaction on the Czech market

GledenInvest, a private Russian investment fund, announced the completion of its acquisition of the luxury hotel The Augustine in Prague.

The Augustine in Prague changes hands. The owner of the Russian hotel chain Azimut Hotels, GledenInvest, has announced the acquisition of the property from Raiffeisen Evolution. The amount of the transaction has not been disclosed.

Located in the center of the city of Prague, The Augustine is a 101-room luxury property occupying seven buildings including a monastery and a 13th century brasserie. It received a vast renovation in 2009. According to the wishes of its new owner, the hotel will be operated under an international brand and repositioned as one of the best luxury addresses in Central and Eastern Europe.

This is not GledenInvest's first investment in the luxury hotel segment. The fund has already bought the Metropol Hotel in Moscow and invested in a Hyatt resort project in the country as well as in two luxury hotel projects in Moscow.

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