Local investment fund to finance Holiday Inn Riga

Holiday Inn, the largest hotel brand in the world, is planning to open a major new property in Latvia’s capital Riga by September 2022. The hotel will be located in the iconic 1970s Preses Nams building in the heart of the city. Holiday Inn’s local partner on the project is Lords LB Asset Management, which through its Special Fund V is investing more than 200 million euros in Preses Nams, a building it bought for 16.8 million euros from Latvian Shipping Company in 2017

Aivaras Abromavičius, chairman of the Preses Nams development supervisory board, said: “We are really excited to be working with IHG on the Holiday Inn Riga. As specialists in hotel development, we felt that the Holiday Inn brand is the best option for this location and we are confident that this will be an excellent addition to our portfolio. With our expertise and IHG’s scale and strong brand recognition, we are looking forward to a successful venture and hope to work with IHG on more projects in the future.”

The 280 room Holiday Inn Riga will be located at the southern-most point of Kipsala Island on the west bank of the Daugava River. The hotel will offer panoramic views of the city and Riga’s old town. The location is connected to all the major transport hubs, with Riga international airport just eight kilometres away. The hotel should also be served by a new tramline connecting the airport with the city centre, due for completion in 2024.

“The Holiday Inn Riga, is the very first IHG hotel brand in Latvia,” said Miguel Martins, development director Poland and Eastern Europe, IHG. “Riga is a thriving commercial and tourism centre and as the numbers of visitors from around the world continues to rise, there’s a growing need for trusted hotel brands to fulfil demand from both business and leisure travellers. We look forward to bringing the unique and world renowned Holiday Inn guest experience to Riga.”