Kempinski Selects Prague Monastery for First Acquisition In 55 Years

Luxury hospitality group Kempinski Hotels is set to acquire the Augustine Hotel in Prague, the Czech Republic, in what CEO Barbara Muckermann has described as a strategic “proof point” for the group’s next phase.

“We should close the full acquisition of the Augustine in Prague, which will be the first acquisition that the company [has made] since 1970… This is for me, it’s really the proof point, that strategically what we said we wanted to do is getting there,” Muckermann told Skift.

The acquisition will be made from an Austrian holding company owned by a private family investment group. Kempinski did not disclose the acquisition figure.

The 101-key property will initially be managed under a white label, with a short closing period expected in the fall, before it reopens under the Kempinski banner at the end of the year.

The Augustine Hotel, positioned next to Prague’s Waldstein Garden in the old Malá Strana district, has been