Penta selling Motel One building in Prague

Ten investors are bidding on a building next to the Florentinum complex on Na Poříčí street in Prague 1. Penta is selling the property, which houses Motel One, for an undisclosed price. Hospodářské noviny writes, that the company invested CZK 200m to refurbish the building into a 141-room hotel with ground-floor retail in 2014. Penta’s spokesman, Ivo Mravinac, says the company has moved into the second round of the tender, with the majority of the international bidders taking part in it. “There are investors from Russia, Austria, Germany, China as well as the Czech Republic,” Mravinac said. Local newspapers are reporting that the Chinese investment group CEFC is among the bidders, which bought the Florentinum complex last year for CZK 7.6bn.