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High-tier corporate entity (the Entity) is in the process of developing 4 star hotel project in Riga, capital of Latvia. Now work is undergoing in preparation of hotel design project. It will be followed by obtaining construction permission, archeological explorations and construction of the hotel building. Construction works are expected to start early in 2025 and be completed by the end of 2026. The Entity considers 2 potential alternatives:
Alternative 1: sell the Project (land + all investments made into development so far)
Alternative 2: develop the project and lease it to reputable operator.
The hotel is located in Old Riga, being the touristic highlight of Riga.
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