The City of Prague will become the sole owner of the Prague Congress Centre (KCP). By purchasing the state’s shares, the capital secures full control over one of the Czech Republic’s most important event venues – and is planning extensive modernisation.
This decision was confirmed on Thursday by the City Council, which approved an exchange agreement with the Office for State Property Management (ÚZSVM). Under the agreement, the city will acquire the state’s majority stake of 54.35 per cent in the joint-stock company Kongresové centrum Praha, thereby holding 100 per cent of the shares.
In return, the city will transfer several properties worth 585 million crowns to the state – including the historic Faust House in Prague’s New Town, a car park in front of the Ministry of Foreign Affairs, and land surrounding the Na Homolce Hospital. In addition, Prague will pay the state financial compensation amounting to 2.21 billion crowns.
‘The complete takeover of the Congress Centre is a strategic step towards promoting the congress industry in our city,’ emphasised Mayor Bohuslav Svoboda following the vote. This will allow the city to invest specifically in further developing the site and Prague’s congress infrastructure.
With the deal, Prague secures not only the congress building itself, but also the adjacent Vyšehrad Business Centre and the four-star Holiday Inn hotel. Finance Councillor Zdeněk Kovářík highlighted the city’s new autonomy: ‘Prague can now independently determine the future of this important location in the extended city centre. We want to transform the KCP into a modern, competitive venue on an international level.’
The new ownership structure will finally enable the KCP to implement long-planned investments, including the construction of a 5,000-square-metre multifunctional exhibition hall and the revitalisation of the northern terrace and surrounding areas.
From an economic perspective, the congress industry is highly attractive for Prague. In 2024 alone, more than 800,000 congress delegates visited the city – their daily expenditure is roughly three times higher than that of the average tourist. They tend to book higher-quality accommodation, are interested in culture, and often return.
The International Congress and Convention Association (ICCA) recently ranked Prague fifth among the world’s most popular congress destinations – and fourth in Europe. This places the Czech capital ahead of renowned cities such as Paris, London, and Madrid.
