Under the guidance of JLL's Hotels & Hospitality group, Blackstone has sold the Hilton Prague Old Town and the adjacent mixed-use commercial building–Gestin Centrum–to Singapore-based M&L Hospitality Trust.
"2016 has been a year characterized by continued capital flows from Asian institutional investors into the European hotels and hospitality market and this latest transaction is part of a trend which we believe will continue well into 2017," Patrick Saade, EVP of European transactions in JLL's Hotels & Hospitality Group, said in a statement about the sale.
The Hilton Prague Old Town is a 303-bedroom freehold property at the gates to the Old Town in Prague's historic center. It was acquired by Blackstone as a Renaissance in 2006 as part of a larger portfolio deal and subsequently converted to a Hilton hotel the following year.
M&L Hospitality Trust is an international real estate investment platform specializing in hotels, and with offices in Amsterdam, Singapore and Sydney.