The sale of the Czech Republic’s biggest hotel, the Hilton in Prague, appears to have hit a legal hurdle that has stalled the process, reports Prague Radio. The sale of the hotel was announced last November by the consultancy Avid Asset Management, which was tasked with managing the property portfolio of former Irish millionaire, Sean Quinn.
Quinn’s business, covering real estate, glass manufacture, insurance, and cement, was taken over by the Irish government in 2011 after debts soared. The Prague Hilton was one of the few property assets which still had not been sold by the consultancy.
The main legal dispute though centres mainly on Quinn’s responsibility for debts totaling 2.3 billion euros.
However, according to Prague Radio, Quinn’s family firm is now challenging Avid Asset’s Management offloading of the property assets, including the 791-room Prague Hilton.
The delayed sale surely dampens the sprits of those interested in buying the hotel, which could go for reported price tag of at least 150 million euros.
Reports are that the front-runners to buy the hotel are Best Hotel Properties (BHP) of Czech-Slovak investment group J&T and Blackstone Group.