PwC Legal has advised the U City Group on internal restructuring, involving the incorporation of hotels previously purchased by Vienna House into its portfolio and the restructuring of the Vienna House Diplomat Prague hotel.
U City is a Thailand real estate company with a total asset value of EUR 1.63 billion that is listed on the Bangkok Stock Exchange, and the Vienna House Diplomat Prague is a four-star hotel in the Czech capital with over 400 rooms.
According to PwC Legal, “the transaction included the spin-off of the entire hotel to a new entity. The newly created company, Recoop Tour a.s., will now manage the operation of the four-star hotel. The assets, including the real estate itself, were segregated to Vienna House Diplomat Prague RE s.r.o.”
The PwC Legal team included Senior Associate Daniel Pikal and Junior Associate Pavlina Krausova.