Prague Marriott in sale-and-manage-back deal
22 September 2005
Prague's Marriott hotel has been sold in a sale-and-manage-back deal believed to be worth about €125m (£85m). Austrian investment fund IDAG offloaded the 293-bedroom property and the BH Centrum - an office and retail complex - to a joint venture between Walton Street Capital, a Chicago-based property investment firm, and Merrill Lynch.
"This investment fits nicely into our overall European investment strategy," said Roger Barris, managing director of global principal investments Europe, Middle East and Africa, at Merrill Lynch. The "bricks-and-mortar" deal is not expected to affect Marriott's management contract. Hotel property agent Molinaro Koger handled the sale but declined to comment.
