PPF Real Estate checks into Diplomat Prague Hotel

Real estate developer and investor PPF Real Estate is set to buy the Diplomat Prague Hotel from Thailand-based financial services and real estate company Rabbit Holdings. 

Diplomat Prague Hotel

This acquisition will add a major business hotel, located near PPF Group's headquarters, to PPF Real Estate's diverse global portfolio of properties in Europe and North America. 
The hotel, managed by Wyndham Hotels & Resorts, has 400 rooms and large conference facilities. 
Additionally, Tomáš Otruba, a PPF Group supervisory board member, will purchase a 5% stake in the hotel. Further details of the deal are currently undisclosed.
The transaction is subject to regulatory approvals.
Commenting on the transaction, Robert Ševela, chairman and CEO of PPF Real Estate, said: "Real estate is an important investment pillar of PPF Group, providing a long-term focus, predictable returns, and global diversification. The acquisition of Diplomat Prague reflects this strategic approach and PPF’s continued search for investment opportunities."
PPF Group had previously bought another well-known Prague hotel, the Hilton. 
PPF Real Estate, a division of PPF Group, manages over €2 bn in assets across European and US property markets.