Jones Lang LaSalle, which brokered the transaction for the seller, is touting the sale of the Hilton Prague as the largest single asset transaction in the 10-year history of the Czech Republic. The parties involved could not be reached for a breakdown of the price paid for each hotel. In a prepared statement, JLL's European CEO Nick Marsh says the joint venture sellers "made an impressive return on their in investment, but there remains great upside potential for the Quinn Group."

JLL executive vice president Robert Seabrooks says Prague "is probably the most attractive hotel market in Central and Eastern Europe," with hotel investment values in the city expected to show significant improvement following the Czech Republic's accession to the EU. "As a result, we saw a significant amount of interest in this opportunity from a variety of European and International investors," he adds.

The Quinn Group is a multi-billion-euro company whose interests include cement, glass bottles, building materials, insurance, pubs and hotels. It is number two in the cementmarket in Ireland, and the only container glass producer on the island. In addition, the Group has a large property portfolio consisting of nine hotels, nine public houses and a fitness club and also runs the fifth largest general insurance business in Ireland, Quinn-direct Insurance Limited.