Prague councillors decide to end rental contracts with company which had hoped to open Ritz-Carlton
Prague city councillors have decided to end property rental contracts with Akroterion, a company which had hoped to open a Ritz-Carlton Hotel on Prague’s Old Town Square.
The Czech News Agency reported that the company, which owns four buildings and had rented an additional four from the city for a number of years, did not meet rental conditions. The complex of buildings was to have been opened by mid-September of this year and the rent was to have been agreed until 2081. City councillors nixed the plans on the grounds that investors had not been able to get the complex up and running over 15 years.
Prague Mayor Adriana Krnáčová has suggested the city could have the property renovated as flats which could leased to diplomats.