Warimpex has announced the sale of its Hotel Savoy in Prague to a private international investor. The transaction closed June 27, and the parties involved in the deal agreed not to disclose any information on the purchase price.
The boutique Hotel Savoy opened in 1994 and has a total of 61 rooms and two conference rooms.
“The sale of the Hotel Savoy marks the successful completion of our strategic withdrawal from the Prague luxury hotel segment. However, we intend to remain on the market with our two successful four-star hotels angelo and Diplomat, and expect to see positive development in this regard,” said Franz Jurkowitsch, CEO of Warimpex.
The five-star hotel market in Prague was hit particularly hard by the absence of guests and conferences from Anglo-American countries as a result of the financial and economic crisis of 2008, and has been slow to recover ever since. Given the resurgent transaction market, Warimpex resolved in 2013 to withdraw from the luxury segment in Prague. The hotels Le Palais and Palace were both sold in that same year.