With the support of Bigbank Latvija, a hotel worth 13.8 million euros is being built at Riga Airport – Market News

In cooperation with the Lithuanian asset management company I Asset Management and Bigbank Latvija, a hotel with 189 guest rooms worth 13.8 million euros is being built near the Riga International Airport. The Hampton by Hilton economy class hotel will be the first global chain hotel in the immediate vicinity of Riga Airport, and it is planned that it will open its doors in the 2nd quarter of 2022. Construction works have been entrusted to the Latvian company UBP.

The 3-star hotel will be located about one kilometer from the airport exit door, making it easily accessible to transit passengers and late guests. You will be able to reach it in a few minutes walk without spending money on transport. The hotel is planned to have a 120 square meter business center, restaurant, gym and parking for 90 cars. Construction work began as early as December 2020 and will be completed early next year. The hotel is scheduled to open in April 2022.

“There is a large hotel near every major airport, where transit passengers can spend the night comfortably between flights, as well as relax in case of flight cancellation or delay. We are pleased that we can participate in the improvement of the surroundings of Riga International Airport, helping to build a global chain hotel. I think that the hotel will be appreciated by both city guests and Rigans, because high-quality accommodation next to the airport will facilitate the flow of tourists and contribute to the economy. We are also very happy to start cooperation with a new partner I Asset Management and we hope that in the future we will jointly implement more than one important project, »says Bigbank Latvia Head of Corporate Lending Department Marek Grodsky.

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Bigbank Latvia promoted Hampton by Hilton construction of a hotel with a loan of six million euros. Construction work continues even despite the devastating effects of the pandemic on tourism and the economy, when many other developers froze hotel construction. In turn I Asset Management this time is seen as an opportunity to overtake the rivals and be in a better position when life returns to normal.

“We are building the first international brand hotel near Riga Airport. This project is an investment in the region – there are no well-known brand hotels near Riga Airport, so the competition is small, but the potential is huge. Riga International Airport serves almost half of all passengers in the Baltic region and plans to become an important hub in the entire Nordic region. In addition, a new railway station will be opened here in 2026 Rail Baltica within the project, thus creating the first high-speed rail and air connection point in the Baltics. These considerations and the demand for hotels in the area are so strong that even a pandemic did not deter us from starting construction work, ”explains one of the I Asset Management members of an investment fund Airport Hotels Fund investment director Laurynas Antropikas.

Hampton by Hilton is one of the most famous hotel brands. With this name, hotels operate in 119 countries around the world and more than 100 million people have signed up for the loyalty program. The first brand hotel was opened in 1959 in San Francisco.

By Bigbank

Bigbank AS is an Estonian bank that specializes in issuing consumer loans and loans to legal entities, as well as providing advantageous term deposit services. The company has expanded its operations outside Estonia, establishing branches in Finland, Sweden, Latvia, Lithuania and Bulgaria, as well as offering cross-border services in Austria, Germany and the Netherlands. The company is managed by Martins Lants, a member of the group’s board. Svens Raba, Marts Veskimagi and Argo Kiltsmans also serve on the Board.

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