Kempinski Acquires Czech Monastery After 55-Year Hiatus

Prague, Czech Republic — August 14, 2023

In short: Kempinski Hotels to acquire Augustine Hotel in Prague, marking first acquisition since 1970.

Kempinski Acquires Augustine Hotel in Prague

According to Skift, luxury hospitality group Kempinski Hotels is set to acquire the Augustine Hotel in Prague from an Austrian holding company owned by a private family investment group. CEO Barbara Muckermann described the acquisition as a “strategic proof point” for the group’s next phase. The acquisition will be made without disclosing the exact price. No external knowledge or inferences were used in this report.

Key Details

• Company: Kempinski Hotels
• Acquired Property: Augustine Hotel, Prague
• Acquisition Status: First acquisition since 1970
• Acquisition Method: From Austrian holding company

What Travel Professionals Should Know

TMCs managing accounts in Europe should monitor this acquisition as it may influence the competitive landscape in Prague. The acquisition signals Kempinski’s strategic expansion in the region, potentially impacting hotel availability and pricing for travel trade professionals operating in the Czech market.

Reference:Source.