Best Hotel Properties a.s. acquired 90% stake in Hotel InterContinental Prague from Westmont Hospitality Group, Inc. for approximately 120 million.
December 19, 2013 at 11:00 pm EST
Best Hotel Properties a.s. (BSSE:1SRA001E) acquired 90% stake in Hotel InterContinental Prague from Westmont Hospitality Group, Inc. for approximately 120 million on December 20, 2013. As reported, Best Hotel Properties paid 36 million, financed through bank loans while the total consideration of the deal, including the existing debt represents 115 million. The remaining 10% stake will be owned by an affiliate of Westmont Hospitality which manages the hotel under InterContinental brand. Jan Procházka and Stewart M. Middleman together with a team of international lawyers of Dentons Canada LLP acted as legal advisors to Westmont. Jones Lang LaSalle's Hotel & Hospitality team acted as real estate advsior to Best Hotel Properties. PRK Partners s.r.o. advokátní kanceláø acted as legal advisor to Best Hotel Properties.
Best Hotel Properties a.s. (BSSE:1SRA001E) completed the acquisition of 90% stake in Hotel InterContinental Prague from Westmont Hospitality Group, Inc. on December 20, 2013.