The Prague Intercontinental Hotel will be bought by billionaire Šlemr

Prague - The Intercontinental hotel in Prague will be purchased by the Czech investment company R2G of billionaire Oldřich Šlemr. The price was not disclosed by the parties involved in the transaction, but according to Forbes, there had been earlier talk of more than five billion crowns. R2G is buying the hotel in the center of Prague from the Slovak group Best Hotel Properties (BHP), which has a stake from the Czech-Slovak investment group J&T and the American company Westmont. The transaction is expected to be settled next January.

According to the website, R2G states that the acquisition of the Intercontinental is a record deal in the hospitality industry in both the Czech Republic and Central Europe. "The Intercontinental hotel is a long-term investment opportunity for us," said R2G's director of direct investments Jakub Dyba to Forbes. According to him, R2G will further develop the hotel.

The Intercontinental hotel was built from 1968 to 1974. According to the website, it has 372 rooms and 14 conference rooms. Among the hotel's guests in the past were former UN Secretary-General Kofi Annan and former U.S. President George H.W. Bush.