The battle for the most expensive piece of land in Prague has begun

photo: www.znamenictyr.cz

Prague - The company Ditrich, which years ago bought the most expensive plot ever sold in Prague on the corner of Národní Street and Mikulandská Street for the construction of a luxury hotel, still does not have an investor for its project. If it does not find one soon, it risks losing the land, according to today's E15 newspaper.
    According to E15 information, PPF bank has run out of patience, and if Ditrich does not find an investor immediately, the bank will take back the land along with the adjacent Baroque Schönkirch Palace. “The bank has extended the deadline in which it wants to realize the mortgage a bit. We are currently negotiating with an investor from Abu Dhabi, and we even invited a representative of the bank to the meeting where the investor is supposed to be present,” said Michal Větrovský, a member of the board of directors of Ditrich, to E15.
    The PPF company did not comment on the negotiations. “PPF bank is bound by banking secrecy and does not comment on transactions with its clients,” said spokesperson Milan Tománek to the newspaper.
    On the plot, for which Ditrich paid 243,000 crowns per square meter a few years ago, there was originally supposed to be a five-star Sofitel by now. However, there is still a parking lot there, notes E15.
    “In the current crisis, it is difficult to find an investor. The one we are currently negotiating with is a member of the royal family of Abu Dhabi, and he has no financial problems. Unfortunately, the date of the meeting that was supposed to take place has been postponed,” claims Větrovský.
    Ditrich invested nearly 200 million crowns in the plot. An additional 185 million crowns were paid to the Union of Industry for the Schönkirch Palace, which adjoins the plot. According to the original plans, the Accor company was supposed to come to Prague with the Sofitel brand. They wanted to invest up to 1.5 billion crowns in a luxury hotel offering 170 rooms. Due to the crisis, which has resulted in low occupancy rates for hotels among other issues, they abandoned the project.
    After the collapse of negotiations with these investors, Ditrich has not managed to bring in new ones. According to the commercial register, the former chairman of the board Karel Goláň, who was in charge of the hotel project on Národní Street, left the company Ditrich at the end of last year, reports today's E15.