Good for Business, Latvia, Tourism

She said, however, that although the approximate time is already known, the exact date for the hotel’s opening has yet to be announced.

Asked if there had been any changes concerning the investments made in the building’s reconstruction, Laivina said that renovation works at the Grand Hotel Kempinski Riga are still ongoing and that it is therefore too early to talk about the total size of investments.

As reported, the plan to transform the hotel Riga into the first hotel of the Kempinski Hotels chain in Latvia was announced in 2014.

At that time, a EUR 20 mln loan was raised from Swedbank for the project whose total costs are estimated at EUR 30 mln.

The new hotel was originally scheduled for opening in December 2015.

Kempinski Hotels is an international hotel chain, founded in 1897 in Berlin, and is one of the oldest luxury class hotel chains in Europe. Currently Kempinski Hotels runs more than 70 hotels in Europe, the Middle East, Africa, South America and Asia, including a hotel in Vilnius, Lithuania, opened in 2012.