For sale is offered a well located hotel development site with respective planning approvals and an approved technical project. The site represents a unique opportunity in the centre of Riga to develop a hotel to international standards.
This project presents an immediate opportunity for an international or local hotel company to increase their market exposure in Riga.
The site is located at the southern end of Dzirnavu street, with a beautiful view overlooking river Daugava, to the east of Riga’s Old Town, 10 min. walking distance and within 800 meters of the Central Train and Bus station and Central market.
Main advantages:
- Site located close to Riga’s Old Town,
- Central Train and Bus Station,
- Technical project approved and building permission obtained,
- Strong interest from local and international hotel operators,
- Easy access to the Airport – 15 min. by taxi
Riga is experiencing a rapid increase in tourism while the existing hotel market lacks diversity and suffers from a shortfall in centrally located bed-space. Most of the international hotel companies have a substantial interest in the Baltic region but currently have a low market presence.
A technical project has been approved in 2007 by all the necessary government institutions for reconstruction of the building into a three-star hotel with 206 rooms, 8 conference halls (the largest conference hall with capacity of 160 people), and 3 penthouse apartments. As the project is fully approved, the construction works can begin right away.
Should it be necessary, it is also possible to convert the existing architectural project into a two-star hotel or an office building in a short period of time, since the main issues government institutions pay great attention to (the look, shape, city communications, transportation access, etc.) are similar for any use.
The scope of reconstruction includes change of all existing communications, all wall partitions and the roof of the building. The existing construction frame of the building is in good condition.
Due to its advantageous location and easy accessibility both from Old Town, all bridges over river Daugava and the Airport, as well as the excellent river views from the windows of the building, it is ideally suitable either for a three-star, two-star hotel project or an office building. The building is a landmark itself — it is visible from afar (especially when approaching from Salu bridge or Krasta street (Moscow highway), and it has an unique architecture and size for its location.
Riga is a major Baltic port situated in the delta of the Daugava river and is an important economic asset for Latvia. Riga has been an important trading and shipping centre for over 800 years. The Riga Passenger Terminal is one of Riga port’s main service centres with shipping lines between Riga and Stockholm and Riga and Luebeck. The port contains a tremendous growth potential for the region and Riga with direct links to Scandinavia, Russia and other countries of the former Soviet Union as well as the other Baltic countries.
Floor plans are attached into a PDF.
For more information about this wonderful investment offer, please contact us.
