The Hospodářské noviny server drew attention to the transaction. PPF confirmed the deal to the ČTK agency, which will strengthen the real estate division of the group in the field of tourism, especially congress tourism. The company did not state the price of the transaction.
“The proposed merger of competitors is to take place primarily in the areas of hotel accommodation services and services related to the organization of conferences and congresses. The decision in the above-mentioned matter has not yet been issued,” said ÚOHS.
“PPF Real Estate’s strategy focuses on a comprehensive approach to real estate investments and managing their portfolio in all segments, including tourism and congress tourism or organizing concerts,” Chairman of the Board and Director of PPF Real Estate Holding Robert Ševela told ČTK.
PPF’s net profit fell by a tenth, yet it earned billions
Economy
“The investment in the Hilton Prague hotel fits perfectly into this approach, which contributes to the creation of long-term and sustainable value through active property management,” he added.
The Quinn Hotels company has Irish owners, its sole shareholder is the Luxembourg company Quinn Group Luxembourg Hotels. The company states this in the annual report for the year 2023 available in the Document Collection.
According to the financial statements for the previous year, the company had a net turnover of 1.3 billion crowns and ended the business in 2023 with a loss of 160 million crowns, a year earlier it was 239 million in profit. In the annual report, the company also states that, according to the valuation by the independent firm CBRE, it was worth 250.4 million euros as of December 2022, i.e., more than six billion crowns at the current exchange rate.
According to the consulting companies contacted by HN, the price of the hotel will be between 6.25 and 8.25 billion crowns. According to HN, the offer price should be over 350 million euros, i.e. over 8.8 billion crowns at the current exchange rate.
PPF buys Quinn Hotels Praha through PPF Real Estate. The Hilton Prague, formerly the Atrium Hotel, was completed in 1991, built by the state company Čedok in cooperation with the French CBC Paris. The hotel has 11 floors and 791 rooms, in the past it has hosted statesmen, including American presidents Bill Clinton, George W. Bush and Barack Obama, as well as film and music stars. The congress area offers roughly 5,000 square meters for holding conferences.
The PPF investment group does business in Europe, Asia and North America. It invests in financial services, telecommunications, media, biotechnology, real estate and engineering. The group owns assets of 44.1 billion euros, i.e. about 1.1 trillion CZK, and employs 47,000 people worldwide. The group includes, for example, Air Bank, the telecommunications companies Cetin and O2, the media company Central European Media Enterprises (CME), the real estate group PPF Real Estate Holding, the engineering company Škoda Group or the toll operator in the Czech Republic CzechToll.
The owner of PPF is the richest Czech Renáta Kellnerová and her family. She took over the group after her husband Petr Kellner died in a helicopter crash in Alaska in March 2021.
Kellnerová is still the richest in the Czech Republic, Babiš has become poorer
Economy
