MGallery Old Town
169rooms
- Upper UpscaleCategory
- 2017 / 2019Opened / renovated
- 9,604 sqmGFA
- PropCo + OpCoObject of sale
Project
- 5Hotels
- 1,008Rooms
- 3Prime locations
- 100%Share deal
01The opportunity
A rare opportunity to acquire a sizeable portfolio of over 1,000 keys, comprising four owned-operated hotels and one hotel operated under commercial lease in some of Prague’s most sought-after locations, providing an immediate foothold in one of Central Europe’s most dynamic hospitality markets.
The Opportunity
Five iconic hotels in the heart of Prague
Cushman & Wakefield and CBRE have been jointly appointed to advise on the sale of Project Spires (the “Portfolio” or the “Hotels”), a unique opportunity to acquire four operating hotels and one operating company in Prague, offering immediate scale in one of Central Europe's key hospitality markets.
The Hotels are currently managed under Hotel Management Agreements with Accor, one of the world's largest hotel groups. Looking ahead, additional value could be unlocked through the conversion of the existing Hotel Management Agreements to franchise agreements from 1st January 2028, alongside strategic capital expenditure initiatives.
The contemplated transaction is to be structured as a share deal involving the transfer of 100% of the shares in the single property-owning SPV.
Following the execution of a Non-Disclosure Agreement, qualified parties will be granted access to the full Investment Memorandum and Financial Data Pack available in the Virtual Data Room.
Request NDA- Number of hotels
- 5
- Number of rooms
- 1,008
- Category
- Midscale, Upscale, Upper Upscale
- Operating structure
- HMA with potential to flip it to franchise from 1st January 2028
- Objects of the sale
- 4 PropCo + OpCo & 1 OpCo
- Deal structure
- Share deal
- Land tenure
- 3 freeholds and 2 leaseholds (indefinite)
02The portfolio
Five hotels.
Three addresses.
One share deal.
Room count by hotel1,008 rooms
- MGallery Old Town
- Novotel Wenceslas Square
- ibis Wenceslas Square
- ibis Mala Strana
- ibis Old Town
Novotel Wenceslas Square
146rooms
- UpscaleCategory
- 2001 / 2025Opened / renovated
- 16,231 sqmGFA
- PropCo + OpCoObject of sale
ibis Wenceslas Square
181rooms
- MidscaleCategory
- 2001 / 2025Opened / renovated
- 7,076 sqmGFA
- PropCo + OpCoObject of sale
ibis Mala Strana
225rooms
- MidscaleCategory
- 2004 / 2017Opened / renovated
- 7,961 sqmGFA
- PropCo + OpCoObject of sale
ibis Old Town
287rooms
- MidscaleCategory
- 2006 / 2019Opened / renovated
- 15,295 sqmGFA
- OpCo (lease)Object of sale
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03Project Spires overview
Key facts
| Fact |  MGallery Old Town |  Novotel Wenceslas Square |  ibis Wenceslas Square |  ibis Mala Strana |  ibis Old Town |
|---|---|---|---|---|---|
| Object of sale | PropCo + OpCo | PropCo + OpCo | PropCo + OpCo | PropCo + OpCo | OpCo (lease) |
| Category | Upper Upscale | Upscale | Midscale | Midscale | Midscale |
| Rooms | 169 | 146 | 181 | 225 | 287 |
| F&B | 1 restaurant + 1 bar | 1 restaurant + 1 bar | 1 breakfast restaurant + 1 bar | 1 breakfast restaurant + 1 bar | 1 restaurant + 1 bar |
| M&E | 3 rooms (120 sqm) | 4 rooms (241 sqm) | 3 rooms (88 sqm) | 3 rooms (99 sqm) | 2 rooms (95 sqm) |
| Leisure | Fitness | Fitness, sauna, indoor pool | n/a | n/a | n/a |
| Parking | n/a | 53 indoor | 42 indoor | 33 indoor | 77 indoor |
| GFA | 9,604 sqm | 16,231 sqm | 7,076 sqm | 7,961 sqm | 15,295 sqm |
| Plot size | 1,819 sqm | 3,477 sqm | 3,477 sqm | 909 sqm | 2,048 sqm |
| Year opened / renovated | 2017 / 2019 | 2001 / 2025 | 2001 / 2025 | 2004 / 2017 | 2006 / 2019 |
| Agreement | Management Agreement | Sandwich Lease / HMA | Management Agreement | Management Agreement | Management Agreement |
| Agreement term | 31.12.2054 | Lease: 11.04.2031 / HMA: 31.12.2045 | 31.12.2044 | 31.12.2045 | 31.12.2045 |
| Land tenure | Freehold | Perpetual easement | Perpetual easement | Freehold | n/a |
01
Portfolio opportunity of rare scale and quality
Project Spires presents a rare opportunity to acquire a fully operational hotel portfolio within a single major European city.
Prague has established itself as one of Europe's most attractive hotel investment markets, with opportunities of this scale becoming increasingly scarce due to a highly constrained development pipeline, making the Portfolio an attractive proposition for both market entry and expansion strategies.
1,008rooms in one city
02
Diversification potential across highly desirable locations
The Portfolio offers strong diversification potential across prime city-centre locations and a wide range of hotel segments, from midscale to upper upscale.
This portfolio profile enhances resilience to market cycles and demand fluctuations while creating opportunities for operational synergies and clustering efficiencies, supporting margin growth and long-term value creation.
3prime city-centre locations
03
Strong hotel market and investor appetite
Prague's growing appeal as both a leisure and business destination is supported by one of Europe's most dynamic hotel markets, ranking as the 2nd highest occupancy market in CEE, while recording the 5th highest ADR growth across the main European markets in 2025.
These robust fundamentals are fuelling investor interest, culminating in a record €742 million of hotel investment volume in 2025, positioning Prague at the forefront of the CEE hotel investment market.
€742mrecord hotel investment volume, 2025
04
Operating structure flexibility
The Portfolio benefits from a confirmed option to convert the HMAs to franchise agreements, providing future owners with a clear pathway to unlocking additional value.
The conversion is expected to enhance operational flexibility, giving owners greater control over the assets while supporting long-term value creation and enhancing liquidity upon exit.
2028HMA to franchise option from 1st January
05
Strong trading performance & income visibility
The Hotels have consistently delivered strong trading performance, characterised by healthy operating margins and top-line growth that has outpaced the market.
Operating under some of Accor's most recognised and globally trusted brands, the Portfolio offers owners a high degree of income visibility, operational stability, and cash flow resilience.
AccorMGallery · Novotel · ibis
05Location
Three addresses at the heart of Prague
Five assets spanning three distinct locations of Prague, offering exceptional connectivity to the city's key historical, commercial and cultural hubs.
Spires hotelLandmark
01
Prague Old Town
Century Old Town Prague MGallery Hotel Collection and ibis Praha Old Town are ideally located by Náměstí Republiky and Masarykovo nádraží, a vibrant area featuring premier shopping, culture, and office developments, just a short walk from Old Town Square.
- MGallery Old TownNa Poříčí 7, Praha 1Google Maps ↗
- ibis Old TownNa Poříčí 5, Praha 1Google Maps ↗
02
Wenceslas Square
Located near Prague's most iconic boulevard, ibis and Novotel Praha Wenceslas Square offer easy access to world-class cultural landmarks, including the National Museum and the State Opera, as well as a wide selection of restaurants, nightlife, and entertainment venues.
- Novotel Wenceslas SquareKateřinská 38, Praha 2Google Maps ↗
- ibis Wenceslas SquareKateřinská 36, Praha 2Google Maps ↗
03
Malá Strana / Smíchov
ibis Praha Malá Strana is located in the modern district of Smíchov, one of Prague's leading retail and office areas. The Hotel benefits from proximity to Malá Strana, the city's historic quarter and part of Prague's UNESCO-listed city centre.
- ibis Mala StranaPlzeňská 14, Praha 5Google Maps ↗
Prague market
Prague tourism
in numbers
Prague is widely recognised as one of the world's foremost cultural destinations and among Europe's leading tourism markets for both leisure and corporate travel, consistently ranking among the ten most visited cities in Europe in recent years.
The city's exceptional historical heritage, anchored by its UNESCO World Heritage-listed city centre, together with a dynamic calendar of events, enables it to capture a diversified and well-balanced demand mix throughout the year.
- 2ndBest City in EuropeTravel + Leisure World's Best Awards 2026
- 19.1 milNights in paid accommodation, 2025Oxford Economics
- 6thLeading meetings & congress destinationICCA, 2026
- 5.8%Projected overnight visitors CAGR 2025–2030Oxford Economics
06Inside the portfolio
Visuals
07Next steps
Transaction process
- 01
Investment teaser
Project Spires is introduced to the market, October 2026.
- 02
Non-Disclosure Agreement
Qualified interested parties sign the NDA.
- 03
Virtual Data Room
Access to the full Investment Memorandum and Financial Data Pack, with commercial, financial, technical, ESG and legal information.
- 04
Site visits
Site visits and meetings may be arranged upon request.
- 05
Call for offers
A call for offers will be announced to interested parties in due course.
No direct contact may be made with the management, staff or owner of the Property. Site visits and meetings may be arranged upon request. We look forward to discussing with you.
08Project Spires
Contacts
Michal Soták
International Partner · Head of Capital Markets CZ / SK
Frederic Le Fichoux
International Partner · Head of Hotel Transactions EMEA
Césarine Calafell
Consultant · Hotel Transactions CEE & SEE
Edgar Colle
Analyst · Hotel Transactions CEE & SEE
Jakub Stanislav
Senior Director · Head of Capital Markets CZ & Head of Hotels CEE
Artyom Perevedentsev
Director · Hotel Capital Markets
Blanca Deus Morató
Associate Director · Hotel Capital Markets
Iulia Szabo
Senior Consultant · Capital Markets CZ & Hotels CEE
Adriana Pavlíčková
Senior Consultant · Capital Markets CZ & Hotels CEE
Access the data room
Request the NDA
Further information regarding the commercial, financial, technical, ESG and legal aspects of the Asset and its ownership will be made available to qualified interested parties upon receipt of a signed NDA.