The transaction, subject to customary regulatory approvals, will expand PPF Real Estate's global portfolio of commercial, residential and hospitality assets across Europe and North America. Operated under the Vienna House Diplomat Prague brand by Wyndham Hotels & Resorts, the hotel features 400 guest rooms and extensive conference facilities.
Under a previously concluded agreement with PPF Real Estate, Tomáš Otruba, a supervisory board member of PPF Group, the owner of PPF Real Estate, will acquire a 5% stake in Diplomat Prague.
Commenting on the transaction, Robert Ševela, chairman and CEO of PPF Real Estate, said: "Real estate is an important investment pillar of PPF Group, providing a long-term focus, predictable returns and global diversification. The acquisition of Diplomat Prague reflects this strategic approach and PPF’s continued search for investment opportunities."
At this stage, the parties to the transaction have agreed not to comment further on the details of the agreement.
