Clifford Chance advised HPI Germany Hotelbesitz GmbH ("HPI"), a part of CTF Development, Inc. on the acquisition of an IBIS Hotel in Prague 8 from insolvent Quinn Group. Frankfurt-based HPI is an affiliate of pentahotels, a new generation of lifestyle hotels.
Clifford Chance's main role on the transaction was the provision of Czech and English law advice, supporting HPI on the purchase of the hotel through the acquisition of newly created special purpose company, to which the hotel business was contributed by the previous owner, and repayment of the existing financing.
Emil Holub, partner and head of real estate of the Prague office of Clifford Chance, commented "the transaction progressed smoothly as both parties cooperated well and this was key for the successful completion of the transaction. It was a pleasure to have worked alongside HPI on this deal."
The target of the acquisition is a 3-star hotel with 226 room located in Prague 8 originally opened in 1991, and currently operated by the French hotel company Accor under the IBIS brand.
The Clifford Chance team was led by partner Emil Holub, primarily assisted by real estate associate Nina Slípková, and junior lawyers Andrea Halfarová and Marián Husár.
(Press Release by Clifford Chance)
