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July 5th, 2008
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Keeping the flow going

Private property investor has eye on Prague hotel market

By Curtis M. Wong
For The Prague Post
January 16th, 2008 issue

KURT VINION/THE PRAGUE POST
Jan Adámek is general manager of Flow East's newly founded hotel division. He also manages the Hotel Jalta.
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COURTESY PHOTO
Owned by Flow East, the Hotel Jalta on Wenceslas Square underwent an extensive and much-needed facelift last year.
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Flow East

Václavské nám. 11
Prague 1
Tel.: 234 784 444
E-mail: info@floweast.cz
Web: www.floweast.com

Jan Adámek just may have ended up in hospitality management by coincidence. Shortly after graduating from the University of Economics in Prague, he landed a job managing the optic division of a Carrefour hypermarket. It seemed like a natural progression then, when he joined forces with Flow East, one of the largest private property investors in the Czech Republic, as the director of the company’s retail division in 2001.
A Prague native, Adámek made the transition into the hospitality industry in 2003, following Flow East’s acquisition of the deluxe Hotel Jalta on Wenceslas Square, when he was promoted to the position of general manager of the company’s newly founded hotel division. Shortly thereafter, Flow East began an extensive refurbishment project that included an upgrade of Hotel Jalta’s 94 guest rooms and the opening of HOT, the stylish street-front eatery offering a fusion of European and Asian cuisine.
In the nearly five years since then, Adámek — who speaks fluent Czech, English, German, Spanish, French and Russian — has seen his passion for the hotel industry grow by leaps and bounds. And Flow East seems to be following suit: In 2006, the firm added Plaza Alta in Holešovice to its portfolio of exclusive properties, and that 87-room hotel has benefited from a subsequent 30 million Kč ($1.7 million) renovation as well.
Of course, hotels are just the tip of the iceberg for Flow East, a firm that currently manages a portfolio of more than 50,000 square meters (538,196 square feet) of commercial, retail and residential space in prime locations throughout Prague. The Prague Post recently met up with Adámek in the elegant lobby of the Hotel Jalta, the facade of which was recently unveiled after a massive three-month renovation, where he spoke about the rapidly changing face of the Czech hospitality industry.  
The Prague Post: In your own words, how would you describe the current state of the Czech hospitality industry?
Jan Adámek: Well, on the one hand, there are many new hotels coming, the business is developing, and it’s a crazy situation, especially in Prague. Every month there are new hotel properties opening. On the other hand, there are two new markets that are growing. First, you have Czech citizens, because Czech people want to travel more and more. There used to be this syndrome of cottages, and every Czech family has a cottage. But, if you want to travel around, you won’t be able to take your cottage with you. … So Czech citizens are definitely traveling more and using more luxury hotel options a lot more. Our second target group is senior citizens because, generally, they have the [financial option] to stay in luxury hotels.
TPP: Is Flow East currently interested in establishing a regional presence, in terms of hotels?
JA: We are just now discussing some projects like this, but, at the moment, we’re still very focused in Prague.
TPP: What areas outside of the Czech Republic would Flow East be interested in expand into?
JA: Well, there are many possibilities, not only our neighboring European countries but also in Asia and elsewhere. We don’t want to go into a lot of detail now, but we hope we’ll be able to announce some great news soon.
TPP: As a hospitality professional, what excites you the most about the Czech hotel industry?
JA: There are three areas that are really exciting. First of all, it’s the satisfaction of the client. When a client isn’t satisfied, this is actually a good advantage for my team. [It gives us an opportunity to strengthen our skills and makes things better]. We are always work hard to propose something that satisfies the client. No. 2, it’s the diversification of activities. In the hospitality industry, you have to know details about [seemingly unrelated] things like air conditioning, weather, sales activities and Internet. It’s these types of details that are really important. Third, it’s really about the people — about my own team especially. It’s really nice to have a team here, with members of all ages with different personalities. Everyone somehow fits into their role perfectly, foreigners and Czech natives alike. This is what is really exciting about the job.
TPP: What’s the biggest challenge about working in the Czech hospitality industry?
JA: Services have been getting a lot better, but there is still plenty of room for improvement. In the Czech Republic, people are still sometimes thinking that we’re in a communist area, and of course that’s not the case anymore. In terms of services, we’re still not at the same level as London, for example, but we’re certainly catching up.
TPP: In terms of services and property, how has the hotel industry in Prague evolved in recent years, and how do you think it will continue to evolve in the near future?
JA: There are many new hotels developing outside of the city, in Plzeň, Ostrava and Brno. Every year services are improving, and each year, it’s getting better and better. This is why it’s important for the international hotel chains to be present in Prague. This is going to push the competitors — including us — to increase the level of guest services. We’d like to see the regional cities … offer something new and special. We’d like to see them continue to build their infrastructure and improve their hotel services so that the tourists will start heading to these areas as well.  
TPP: What do you think sets Flow East’s hotel division, and especially Hotel Jalta, apart from your competitors in the industry?
JA: The Flow East company is always happy to invest in any company that it owns. Flow East tries to improve all of the businesses that it owns — including residential and office projects. We are usually successful in doing so, which is great. I really like my job, and I couldn’t imagine working for Hotel Jalta under different circumstances. There are many property owners who aren’t willing to invest enough money in their projects, and that’s wrong.
TPP: Finally, for someone who’s interested in working in the hospitality industry, what would you say is the most important personal characteristic to have?
JA: I think it’s most important to have a broad perspective, to experience many different cultures and different ways of thinking. When you work in different countries and experience different cultures, it helps you to open your mind and think differently and in a more diverse way.

Curtis M. Wong can be reached at specialsection@praguepost.com


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