For Investors

Investment in a premium mountain aparthotel.

Operated by Pytloun Hotels  ·  entry from 9.9 mio CZK incl. VAT  ·  three financing routes (direct purchase, FKI fund, mortgage)

5.21 %
Net yield p.a.
10.21 %
Total return*
14 days
Personal use per year
Client Zone →

*Rental income + property appreciation 3-6 % p.a.

Investment Thesis

Gateway to Pec pod Sněžkou.
The only ski-in/ski-out in the area.

A premium mountain aparthotel in Velká Úpa, in the heart of the Krkonoše mountains, with direct access to the Portášky ski slope.

Location

Pec pod Sněžkou - Velká Úpa

The second center of Pec pod Sněžkou. The only ski-in/ski-out resort in the area. The D11 motorway to Trutnov cuts the drive from Prague to 80 minutes.

Resort

Aparthotel ***** with a rental pool

159 fully furnished units. 24/7 reception, wellness, pool, saunas, designer restaurant, après-ski bar, ski room, underground parking.

The owner doesn't have to worry about anything.

Yield

5.21% rental income + appreciation

A realistic scenario based on Pytloun Hotels' reference performance.

+ property appreciation 3-6 % p.a. = total return 7-13 % p.a.

Investment Calculator

Calculate your own investment scenario.

The model version is based on Pytloun Hotels' reference performance data. Calculate your own variant - unit type, own capital, combination of FKI fund + mortgage.

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AERIS Investment Calculator

Calculation of the conversion of a fund investment into an apartment + an annual yield scenario from the rental pool.

Open Calculator →



All yields are indicative, based on Pytloun Hotels' reference performance. Target returns of the Aequitas Capital Investment SICAV fund (PIA max 10 %, VIA target 12 %) are indicative and not guaranteed.

Financial Model

Real net yield.
After deducting all costs.

The "gross yield" presented in marketing doesn't reflect reality. Our model distinguishes between TURNOVER and NET YIELD after deducting all costs.

2+kk Smart · realistic scenario

Calculation Logic

Gross rental turnover nights × price per night 1,380,483 CZK
− Variable costs + operator fee ~22 % of turnover −297,084 CZK
Owner's income after 70/30 split (turnover − costs) × 70 % 758,379 CZK
− Owner's fixed costs insurance + tax + fund + HOA −34,700 CZK
= Net annual yield (before tax) 5.21 % of the price incl. VAT 699,717 CZK
Investment Entry via FKI Fund

Put your funds into the fund. Convert them into an apartment.

The Aequitas Capital Investment SICAV fund (min. investment 1 mil CZK). Tax efficiency of 5 % and professional management under the supervision of the Czech National Bank.

Priority Shares

PIA ~12 % p.a.

Fixed yield target. Suitable for a more conservative investor. Priority share in the sub-fund's appreciation up to max 12 % p.a.

Yield Shares

VIA target 12 % p.a.

Payout after PIA. For an investor with risk tolerance and a 5-year horizon. In 2023, +21.2 % was achieved, with an average 4-year appreciation of 11.8 % p.a.

Discount

5 % off the apartment

Investors in the FKI fund receive an additional 4-7 % discount on the apartment's purchase price when converting, depending on the investment amount.

Investing in the fund's priority or performance investment shares involves the risk of fluctuation in the current value of the invested amount and its returns, and therefore the return of the originally invested amount is usually not guaranteed.

AVANT investiční společnost, a.s. is the manager and administrator of qualified investor funds under Act No. 240/2013 Coll., on investment companies and investment funds, as amended, whose shareholder or unit holder may only be a qualified investor under Section 272 of this Act.

FKI Fund → Apartment Conversion

How much will the client pay extra in 2030 after using the appreciated fund investment?

FKI entry · 2026 PIA value · 2030 1+kk Invest 9.36 mio 2+kk Smart 12.80 mio 2+kk Comfort 14.97 mio
5 mio CZK 7.32 mio balance due 1.74 mio balance due 5.18 mio balance due 7.35 mio
6 mio CZK 8.78 mio balance due 0.28 mio balance due 3.72 mio balance due 5.88 mio
7 mio CZK 10.25 mio surplus 1.19 mio balance due 2.26 mio balance due 4.42 mio
8 mio CZK 11.71 mio surplus 2.65 mio balance due 0.79 mio balance due 2.95 mio
Comparison

Where the project sits in an investor's portfolio.

Comparison with alternatives. Transparent naming of risks.

Asset Class Annual Yield (net) Liquidity Volatility
Czech government bonds (10 years) 4.0 - 4.5 % High Low
Corporate bonds 5.0 - 6.0 % Medium Low
Dividend stocks (PX, EU) 4.5 - 6.5 % High High
Real estate funds 4.0 - 7.0 % Medium Medium
Prague apartments (long-term rental) 3.5 - 4.5 % Low Low
AERIS Resort Krkonoše - mountain aparthotel 3.8 - 7.4 % + appreciation Low Medium
FAQ

Questions that investors ask.

Key questions about VAT, the FKI fund, mortgages, inheritance, terminating the rental pool agreement, and personal use.

What does the 12 % VAT on the apartment purchase mean? When do I pay it? +
The 12 % VAT is paid as part of the purchase price within the individual installments (reservation fee 300 thousand CZK → 20 % after the future purchase contract → 80 % balance after occupancy approval). VAT payers (companies, sole traders) can deduct the 12 % input VAT on the purchase if the apartment is used for economic activity (the rental pool qualifies).
What is the tax efficiency of the FKI fund vs. a direct purchase? +
The Aequitas Capital Investment SICAV fund is subject to a 5 % tax rate at the fund level (vs. 21 % income tax on direct ownership in the Czech Republic). For an individual, the return from the FKI fund is typically tax-exempt after 3 years of holding (the time test).
Can I leave the rental pool? +
The contract with the operator Pytloun Hotels is long-term (min. 10 years with automatic renewal), but it contains termination clauses. The project is operated under a hotel classification regime. Leaving the rental pool means ending the ability to offer short-term accommodation services in that apartment.
How does the 14 days of personal use work - when and how do I book? +
The owner of a 2+kk Smart unit has 14 days of personal use per year as standard. Booking is done through the online system; we recommend booking well in advance for peak season (winter, summer holidays). 1+kk Invest has 7 days/year, 2+kk Comfort has 21 days/year.
How is off-season occupancy handled? +
The operator's 4-season strategy: winter (skiing, ski touring), summer (hiking, cycling), spring (climate rituals, wellness), autumn (gastronomy, peace and nature walks). The wellness center operates year-round. Reference from Pytloun Wellness Harrachov: 69-71 % occupancy after stabilization.
Can I finance the unit with a mortgage? +
Yes. The apartment is formally classified as a residential flat (code 12), which opens up the standard mortgage market. Indicative terms: 70 % LTV, rate 4-5 % p.a., term 25-30 years. The annual rental yield typically covers the installment.
What if Pytloun or Aequitas went bankrupt? +
Ownership of the apartment is a separate title in the land registry, independent of the operator. If Pytloun Hotels were to fail, Aequitas would actively take over operations and select another operator. The Aequitas Capital Investment SICAV fund is subject to supervision by the Czech National Bank, and the fund's assets are separated from the manager's assets.
Can I sell the unit before occupancy approval? +
Yes, through assignment of the future purchase contract. The contract includes an administrative assignment fee. Given the project's appeal and expected price growth, assignment is a common route for investors with a shorter horizon.