Squire Patton Boggs has advised developer Redstone Group on an agreement with Marriott International to open its first hotels under the AC Hotels by Marriott brand in the Czech Republic.
The four-star hotels, which will be located in Pardubice and Olomouc, are expected to open in 2027. The hotel in Pardubice will form part of a complex that will combine offices and housing with a shopping centre, and the hotel in Olomouc will be constructed as part of the second stage of the Galerie Šantovka shopping centre.
The team advising on the transaction was led by partners Radek Janeček and Elias Hayek.
The Redstone Group has been operating in the Czech Republic since 2016 through its parent company Redstone Real Estate, a.s. A developer of large commercial properties and residential complexes, the Group’s portfolio of assets totaled CZK 5.2 billion in 2022.
Squire Patton Boggs has acted as principal legal counsel to Redstone Group since its formation, having previously advised the Group’s founders for almost 20 years. Led by Radek Janeček, the Real Estate team in Prague has advised the client on many landmark projects, including the construction of the Galerie Šantovka shopping centre in 2012 and its continued development, as well as several other acquisitions and projects across the Czech Republic.
Acting for a diverse portfolio of clients, the Prague team advises on all aspects of commercial real estate, with a particular expertise in handling cross-border work for multinational clients and a strong track record in the retail sector.