CPI Property Group (CPIPG) announced signing of a joint venture agreement with Best Hotel Properties (BHP). The joint venture includes many of the Group's hotel properties in the Republic, including Clarion Congress Hotel Prague, Mamaison Residence Downtown Prague, and Comfort Hotel Prague City East, among others, as well as CPI Hotels a.s., the hotels operator. The gross transaction value was approximately EUR 347 million, for which a 50% stake totals c.EUR 173 million.

CPIPG and BHP entered into a long-term joint venture agreement to manage the investment, where CPI Hotels will continue to operate these hotels.