Křetínský has halted the construction of a luxury hotel in Prague's Letná

Prague – The owner of the Energy and Industrial Holding (EPH) and owner of the football club Sparta, Daniel Křetínský, has suspended the construction of a luxury hotel worth several billion crowns in Prague's Letná district. The reason is the decline in tourism due to measures against the spread of the coronavirus. The investor is now also considering modifications to the project, primarily in the interiors. The opening of the complex was originally planned for the first half of 2023.

"During the preparatory work, the coronavirus epidemic occurred, raising a number of questions about the future of conferences, tourism, and the hotel sector in general. It was appropriate to consider whether to continue with the project and in what form,” said Jiří Nováček, the vice-chairman of the board of EP Real Estate, to the server.

The five-star hotel is being built on a former training ground of the football club Sparta in Prague's Letná. The hotel complex is set to feature 523 rooms, conference spaces, restaurants, a sky bar, a fitness center, and a spa. The tenant of the building is to be Hard Rock International, which operates a network of hotels, casinos, shops, and cafes in 75 countries. However, according to Seznam Zpráv, this is not certain either.

EPH did not disclose the estimated costs for the construction of the hotel. The monthly magazine Forbes reported on its website in October 2019 that the complex is expected to cost five billion crowns.