Baltic, Good for Business, Investments, Lithuania, Real Estate, Tourism

"We announced last month the first hotel of the Hilton chain in Lithuania and today we can reaffirm our commitments to the country's market. We are signing an agreement with Viciunai Group for joint development of the first full-service hotel in Lithuania," Patrick Fitzgibbon, Hilton Worldwide's senior vice president for development for Europe, the Middle East and Africa, said on Thursday.

"With international high-class hotel brands accounting for less than 6% of all hotel rooms in Vilnius, the DoubleTree by Hilton will help meet business and leisure travelers' growing needs for higher-quality accommodation in the Lithuanian capital," he said.

Viciunai Group plans to invest over 20 mln euros in the construction of the hotel in Vilnius, with works slated to begin in 2017.

The hotel with 175 rooms, a restaurant, a bar, conference facilities and a spa, is expected to open for business in 2019.

Hilton Worldwide in late July signed a franchise agreement with Lithuania's property developer Eika, which plans to build a Garden Inn hotel in the center of Vilnius, near Gedimino Avenue, by the end of 2018.