EU – Baltic States, Financial Services, Good for Business, Investments, Latvia, LIVE RIGA, Tourism

Reconstruction is under way with re-opening scheduled for December 2015.

The five-star "Grand Hotel Kempinski RIGA" will have 140 rooms and nine exclusive suites, the total amount of investment in reconstruction is estimated at about EUR 30 million, informs LETA.

The new owners of the hotel note its location in the very heart of the city and the beautiful building that houses ir; they want to return the hotel to its past splendor and popularity, making it a top-quality hotel.

The building, constructed in the 1950s, is in poor condition.

The restored hotel will also have a SPA center, conference halls, restaurants and bars, a terrace with a view toward the Latvian National Opera, and much more.

"I am pleased that an internationally-recognized brand of such a scale is entering Latvia, and that our bank's funding can help revive a popular Riga hotel in new quality," commented Swedbank board member Daniils Rulovs.

Kempinski Hotels is an international network of hotels founded in Berlin in 1897. The network of luxury hotels currently includes more than seventy hotels in Europe, Middle East, Africa, South America and Asia, also a hotel in Vilnius that opened in 2012.