E15: UBM will convert the Sugar Palace in the center of Prague into a hotel
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Prague - The former headquarters of the Investment and Postal Bank in the center of Prague at Senovážné náměstí has been purchased by the Austrian development group UBM. The building, also known as the Cukrovarnický Palace, will be transformed into a five-star hotel. This was reported today by the daily E15, which had the transaction confirmed by UBM Development's Commercial Director, Kateřina Poláková. The transaction price and the amount of investment in the building's renovations were not disclosed.
The share in the company Paleva, where the property is listed, is similarly pledged to J&T Bank, as was the case with the previous owner. The J&T group had already wanted to turn the building into a luxury hotel when it purchased the property from Československá obchodní banka in 2006. However, the financial crisis thwarted those plans. The Russian company UralNěftěGazStroj, which bought the property from J&T in 2014, also intended to continue with the hotel project.
The project to convert the building into a hotel has a valid building permit. According to Poláková, the acquisition fits into UBM's long-term strategy focusing on the hotel industry. UBM is a company that is 145 years old, and its shares are traded on the main market of the Vienna Stock Exchange.
The palace was built between 1912 and 1916 according to the designs of architects Josef Zasche and Theodor Fischer. The sculptures on the façade were created by the German sculptor Franz Metzner. After the invasion of the armies of the Warsaw Pact countries into Czechoslovakia in August 1968, members of the National Assembly temporarily resided in the building.
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