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Cobalt Advises Astor Group on EUR 25 Million Loan for Riga Hotels

Cobalt Advises Astor Group on EUR 25 Million Loan for Riga Hotels

Latvia
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Cobalt has advised the Astor Group on its EUR 25 million loan from Rietumu Banka to support the development and operation of its hotel properties in Riga.

Astor Group is a group of Latvian companies that have been developing real estate for hotels in varying market segments under the Radisson brand for over 20 years.

The Astor Group companies involved in the deal manage the Radisson Blu Daugava, Radisson Blu Ridzene, Park Inn by Radisson Valdemara, Park Inn by Radisson Residence Riga Barona, and Radisson Hotel Old Town Riga. "The financing was provided for both the company's working capital, future development, and refinancing of current liabilities," Cobalt reported.

According to the firm, there are plans to renovate certain properties and expand their functions in the near future, while the company intends to enhance the infrastructure of the existing properties to achieve a more sustainable use of energy.

The Cobalt team included Partner Toms Sulmanis and Senior Associate Inga Tenisa.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.