PPF Real Estate Holding is set to acquire Diplomat Prague, a prominent business hotel near its headquarters, from Thailand-based Rabbit Holdings. The move will strengthen PPF Real Estate’s international portfolio, which spans commercial, residential and hospitality assets across Europe and North America.
PPF Real Estate Holding has reached an agreement to acquire Diplomat Prague, a leading business hotel in the Czech capital, located close to the PPF Group headquarters, from Rabbit Holdings Public Company Limited, a Thailand-based financial services and real estate firm.
The transaction, subject to customary regulatory approvals, will expand PPF Real Estate’s global portfolio of commercial, residential and hospitality assets. Operated under the Vienna House Diplomat Prague brand by Wyndham Hotels & Resorts, the hotel features 400 guest rooms and extensive conference facilities.
Under a previously concluded agreement with PPF Real Estate, Tomáš Otruba, a supervisory board member of PPF Group, the owner of PPF Real Estate, will acquire a 5% stake in Diplomat Prague.
Commenting on the transaction, Robert Ševela, chairman and CEO of PPF Real Estate, said:
“Real estate is a key investment pillar for 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 pursuit of investment opportunities.”
At this stage, the parties have agreed not to comment further on the details of the agreement.
PPF Group previously acquired another hotel in Prague, the Hilton, one of the city’s most iconic properties. PPF Real Estate, part of PPF Group, manages assets worth over €2 billion across the property markets of Europe and the United States.
