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In 2014, two new hotels will enter Riga hotel market while – given the envisaged hotel construction and reconstruction projects – a more significant hotel market growth is expected in the centre of Riga and the Old Town in 2015 and 2016 when 1,200-1,500 new hotel rooms of 4-star and 5-star category predominantly might join the market.
“Focussing around the city centre becomes increasingly more pronounced in the hotel market as new hotel buildings are erected and reconstructed in the Old Town and close to it preferably. Over the current half-year, developers and investors have purchased several land plots having hotel development possibility in the Old Town, and a few more similar deals might be closed soon,” explains Janis Shins, Head of Latio Commercial Property Brokerage Department.
With tourist accommodation supply growing in Riga centre, competition pressure will become stronger for hotels outside the central part of the city, and for the small hotels. This may lead to selling of such hotel buildings or remodelling thereof into multi-residential buildings,” points out J.Shins.
The first building of the new housing development has been approved for use in Pardaugava, 32 Jana Endzelina Street. The particular deed (code 14 02439 0010095) was approved on July 17th, 2014, by the Head of Riga Construction Inspectorate Janis Palamarcuks.
