Property investment firm Cedar Capital Partners has acquired the Mandarin Oriental hotel in Prague for an undisclosed sum.
The 99-bedroom luxury property was jointly acquired with one of Cedar's institutional investors from an unnamed Swiss developer. The hotel opened less than two months ago after a five-year development programme.
Ramsey Mankarious, chief executive of Cedar Capital Partners, said: "We are delighted to have acquired Mandarin Oriental, Prague and we look forward to working with Mandarin Oriental Hotel group to make the hotel one of the best luxury properties in Central Europe."
Mandarin Oriental will retain a long-term management contract.
By Emily Manson