The landmark Intercontinental Hotel in Prague 1, at the end of Parizska Street, will be renovated and operated by the Fairmont Hotel and Resorts brand, part of the Accor hotel group. The chain won a 25+10 year lease for the property in a tender sought by an investor group, which bought the property in January.

Built in 1974, many passersby may mistake the building for a flashy panelak, but indeed the property has hosted world leaders and American presidents. Inside the building there are beautiful stairways, chandeliers and a 9th floor restaurant area with a spectacular view.

The renovation will include new construction on Milos Forman Square and an extension of Parizka Street to the Vltava River. The plans were created by TAK architectural Studio. Changes include plans for a new square where the current inside swimming pool sits, with the new square running below the street level, serving as a tunnel to the riverfront.

The entrance to the parking garage will be hidden, the swimming pool will move elsewhere, and Milos Forman Square will host a small glass building, which has been and will be the subject of much opposition. The plans are not approved nor finalized so expect some debates to be on the future agenda.