Sorainen has advised Lords LB Special Fund V on signing an agreement with the InterContinental Hotels Group regarding the management of the Holiday Inn hotel in Riga.
Lords LB Special Fund V, managed by investment management company Lords LB Asset Management, acquired the Preses Nams building, where the hotel will be located, as well as the land under the building, about a year ago.
The first Holiday Inn hotel in Latvia is scheduled to open in 2022. The hotel will have 280 rooms, a restaurant, a conference hall with seating capacity of 400, six meeting rooms, a parking lot, and a fitness center.
There are 25 InterContinental Hotels Group hotels in Eastern Europe operating under the brands of InterContinental, Holiday Inn, Crowne Plaza, and Holiday Inn Express. At the moment, IHG owns more than 5,400 hotels in almost a hundred countries.
The Sorainen team consisted of Partner Kestutis Adamonis and Associate Lina Stropute.