The gateway to the Krkonoše is set for a transformation. Construction of a billion-crown aparthotel to begin in Velká Úpa

While nearby Pec pod Sněžkou has undergone a considerable transformation over the past few years, Velká Úpa, which is part of it, long retained its quiet and somewhat run-down character. That, however, is about to change, and the nearly billion-crown Rezidence pod Portáškami project will play a major role in it.

Behind it is the investment group Aequitas Group, which will build an aparthotel complex in Velká Úpa consisting of six connected buildings with almost 160 apartments, fitness and wellness facilities, a restaurant, and underground parking. Total investment costs for the project are expected to reach up to eight hundred million crowns.

„This project is essential for us. It means the revitalization of the entire center of this part of town, which has long been in a poor state,“ Jan Langmeier, founder of Aequitas Group, tells Forbes. Back in 2021, when Aequitas Group bought a derelict hotel in Velká Úpa, he himself did not plan for it to grow into such a large development project.

„It developed organically after we gradually bought further unused buildings in the center, in order to be in line with the town's intentions and to lay the foundation stone for the overall revitalization of the center of Velká Úpa,“ describes Jan Langmeier, a lawyer and insolvency administrator with special authorization who can act in insolvency cases involving economically significant debtors.

He has represented creditors, for example, in the bankruptcy of the Arca Investments and Premiot Group, and, among other things, as an insolvency administrator he is also handling the insolvencies of large companies such as Gearworks, Diversity Capital, and currently Nanosun.

The extensive Rezidence pod Portáškami project, which originally envisaged the construction of seven apartment buildings, ran into criticism from some local residents. This was aimed mainly at the high density of development and the heavy demands on infrastructure.

The resulting project is a compromise, now involving „only“ six buildings, within which space for civic amenities will also be created, such as shops, a restaurant, a pharmacy, and space for a general practitioner and a dentist, which the town will receive as a gift.

The final form of the project emerged from an architectural competition held at the town's request. The winning design by the ABM architekti studio received a prestigious award from the Czech Chamber of Certified Engineers for sustainable solutions, as part of the Czech Energy and Ecological Project – Building – Innovation of the Year competition.

„Our aim was to respect the character of the mountain resort. The complex is set into the slope, making use of the natural terrain, and is dominated by variously inclined mono-pitch and gable roofs reminiscent of mountain architecture,“ says the project's archi­tect, Lukáš Bílek of the ABM studio.

The facades will be clad in natural materials, primarily wood and granite paving. The architects are also incorporating innovative technologies, including geothermal boreholes, solar panels, and a greywater recycling system. A public space with a relaxation zone will also be created.

Although the new project has its critics among locals who believe it will change the character of the town, the investor emphasizes that the revival of the center of Velká Úpa is in line with the town's intentions, and that the new comprehensive project, thanks to a good combination of accommodation capacity with commercial space and civic amenities, will boost the appeal of Velká Úpa as such.

According to Langmeier, the new development project could also pave the way for further development of the Portášky ski area. „The cable car's owner has long been waiting for our project, because it is struggling with lower visitor numbers. Once it switches the cable car to a four-seat lift, it needs to ensure sufficient utilization,“ explains the founder of Aequitas Group.

The town of Pec pod Sněžkou is also counting on growing tourist interest in Velká Úpa, and plans to build a parking garage opposite the planned complex, while the existing parking area in the center is to be transformed into a functional square.

The project now has all the necessary permits, and demolition of the original buildings will begin within a few weeks. Construction of the new buildings itself is due to start next spring and should be finished within three years.

Apartment prices will be at levels similar to those in nearby Pec pod Sněžkou, where they run at around two hundred thousand crowns per square meter. Jan Langmeier is not concerned that demand for recreational properties might cool significantly.

„After Covid, demand of course went down, but now we're seeing that over the past year it has recovered again, and premium properties have a somewhat different dynamic. So I believe this will be a successful project,“ Langmeier says.

„Besides, the Czech mountains are small, so the number of attractive locations where you can build large, interesting projects is very limited. And if you look at prices in Austria twenty years ago compared to today, you see a dramatic difference,“ he adds.

Through Aequitas, the group has been betting on this for some time. It has, for example, a smaller thirty-apartment project in Herlíkovice in the Krkonoše mountains under its belt. But it isn't focused only on this area.

It currently has another similar project underway, the V Ráji aparthotel in Zadov in the Šumava mountains, where the group has obtained a zoning decision for four buildings with fifty apartments. An aparthotel with a restaurant and other services is to be built there as well.

Author: Pavla Francová, Forbes Czech Republic editor

Source: https://forbes.cz/…aparthotelu/