The Old Town Square hotel may be completed by 2022. The long running saga has attracted much controversy including public petitions, concern expressed by Národní památkový ústav (National Monument Institute), and other setbacks.
20 luxury flats will be available as well as 100 hotel rooms plus restaurants, cafes, and shops.
The location is on Celetná, Železná and Kamzíkova.
The apartments are part of the compromise. Although some politicians have expressed dissatisfaction that they are not aimed at Prague residents with a relationship to the area.
What to make of the giant white bear (15ft) that has appeared recently near the Astronomical Clock (Pražský orloj)? He attracts a lot of attention. The Czech word for bear is medvěd and “bručet jako medvěd” means to growl like a bear, it implies a grumpy person. This bear is not grumpy at all, and is often seen waving and greeting tourists.
Update: The deal is done. The Ritz-Carlton will be opened! The apartments satisfy the UNESCO criteria and a compromise has been reached that satisfies the National Monument Institute (regarding the joining of the historic buildings).This is good news for The Old Town Square. The Kinsky Palace still features a boisterous football fan venue – instead of an historic beer hall, so there is more room for improvement.
Prague Guide 
