EQS-News 101 0 Kommentare CPI PROPERTY GROUP – Hotels joint venture and stake sale

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CPI Property Group sells 50% stake in hotel subsidiary in Czech Republic for €347 million.
Forms joint venture with Best Hotel Properties to manage hotel properties.
Proceeds will be used to repay debt, partnership seen as opportunity for growth.

EQS-News: CPI PROPERTY GROUP / Key word(s): Real Estate
CPI PROPERTY GROUP – Hotels joint venture and stake sale

12.03.2024 / 10:38 CET/CEST
The issuer is solely responsible for the content of this announcement.

CPI Property Group
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254

Press Release - Corporate News

Luxembourg, 12 March 2024

CPI PROPERTY GROUP – Hotels joint venture and stake sale

CPI PROPERTY GROUP (“CPIPG” or the “Group”) is pleased to announce the sale of a 50% stake in a subsidiary owning a portfolio of eight hotel properties in the Czech Republic, along with the signing of a joint venture agreement with Best Hotel Properties (“BHP”).

The joint venture includes many of the Group’s hotel properties in the Czech Republic, including Clarion Congress Hotel Prague, Mamaison Residence Downtown Prague, and Comfort Hotel Prague City East, among others, as well as CPI Hotels a.s., the hotels operator. The gross transaction value was approximately €347 million, for which a 50% stake totals c.€173 million.

CPIPG and BHP entered into a long-term joint venture agreement to manage the investment, where CPI Hotels will continue to operate these hotels. BHP, based in Slovakia, is a well-respected investor and operator in premium and luxury hotel properties, mainly in the CEE region, and has been growing its presence since 2009.

“CPIPG is excited to work with BHP and sees this partnership as an opportunity to share operational knowledge and take our hotel portfolio to the next level,” said David Greenbaum, CEO of CPIPG.

CPIPG expects to use the net proceeds received to repay debt.

For further information, please contact:

Investor Relations

Moritz Mayer
m.mayer@cpipg.com

For more on CPI Property Group, visit our website: www.cpipg.com
Follow us on X (CPIPG_SA) and LinkedIn

12.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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Language:	English
Company:	CPI PROPERTY GROUP
	40, rue de la Vallée
	L-2661 Luxembourg
	Luxemburg
Phone:	+352 264 767 1
Fax:	+352 264 767 67
E-mail:	contact@cpipg.com
Internet:	www.cpipg.com
ISIN:	LU0251710041
WKN:	A0JL4D
Listed:	Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart
EQS News ID:	1856773