Penta borrowed 950 million crowns for the completion of the hotel on Hybernská Street

Prague - The Penta Investments group borrowed 38.5 million euros, equivalent to nearly 950 million crowns, from Komerční banka for the completion of a hotel on Hybernská Street in Prague. The amount roughly corresponds to the costs that its real estate division Penta Real Estate plans to further invest in the hotel. The hotel, located in close proximity to Masaryk Station, will be operated by the Motel One chain. Penta's spokesperson, Ivo Mravinac, told ČTK.

Komerční banka was a co-financing partner of the project already in the acquisition phase when Penta purchased the land from Czech Railways at the beginning of 2018. "Komerční banka has realized a number of successful projects with Penta and is also involved in financing the nearby Masaryčka project. Participation in the construction of the Motel One hotel thus naturally complements our presence in this location," said Radek Trachta, the executive director for global banking at KB.

The hotel, designed by the Czech architectural studio Schindler-Seko, is part of the revitalization of the brownfield site near Masaryk Station. In the center of Prague, the accommodation capacity is set to increase by 382 rooms in the business-plus category starting in the first quarter of 2024. "Large hotels in Prague 1 primarily offer luxury accommodation; we prefer a balanced ratio of solid quality and price. Therefore, we agreed on a lease with the operator of the strong hotel chain Motel One even during the acquisition of the land, with which we additionally have nearly a decade of experience. A few months after the completion of Florentina, Motel One became one of the tenants in the renovated buildings on Na Poříčí Street,” added David Musil, Penta Real Estate's director of residential and hotel construction.

Motel One will be part of a large development between Masaryk Station and the main road. Next year, Penta will open two multifunctional buildings designed by architect Zaha Hadid in the area, and within two years, the Railway Authority will begin constructing new coverage for the railway yard, which will serve as a new connection between the city districts of Prague 1, 2, and 8. Passengers will walk from the covered railway yard over a bridge into the shopping arcade of the hotel, where there will be about 1,100 square meters of retail space, and will further continue through the reconstructed part of the junction across Hybernská Street into U Bulhara Street. This will create a connection between the Florenc bus station and the main train station.

For the Karlín part of the brownfield area near Masaryk Station, Penta, together with the Prague City Hall and CSAD holding Prague, announced an international urban planning competition titled Florenc 21. Penta intends to invest more than ten billion crowns in the area, including the reconstruction of part of Masaryk Station.