Want to own a 5 star hotel in Riga?

February 20, 2007 at 12:48 pm | Posted in hotels, Latvia, news | Leave a comment

If You want to own a 5 star hotel in Riga, Old Riga to be clear, then there may be such possibility. Local municipality has decided to sell Hotel de Rome (right now run by SIA Latvian – German joint venture REHO, who also run Hotel Konventa seta), says Dienas Bizness (local business newspaper). Till now there are four applicants: REHO, Baltic Hotel Group, Domina management and Baltic Development Group. Date of auction is not appointed yet,`cause REHO wants to prolong lease agreement and says that municipality hasn`t informed REHO about altering the contract 2 months ahead.

Hotel de Rome is five star hotel in very centre of Riga, renovated in 2001 with 88 rooms, sauna, conference and banquet rooms, restaurant Otto Schwarz(one of the best luxury restaurants in Riga). I have been in this hotel and shall say that it`s really 5 stars, maybe only needs new, modern plasma TVs in rooms.

Hotel`s market value is estimated 16,5 – 19 million lats (23,5 – 27 million EUR). Of course, municipality hopes to get more in auction. Let`s see. I`m afraid that either municipality will argue with REHO for long or auction wil happen very quietly without much publicity.

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