Rietumu Banka has granted a 25 million euro loan to Astor Group companies, which are engaged in the management and development of many well-known hotel properties in Riga, such as Radisson Blu Daugava, Radisson Blu Rīdzene, Park Inn by Radisson Valdemara, Park Inn by Radisson Residence Riga Barona and Radisson Hotel Old Town Riga.
Financing was issued both for the company’s current assets and for future development and refinancing of liabilities.
In accordance with the company’s strategy, Astor Group plans to renovate certain properties and expand their functions in the near future. Also, the company intends to improve the infrastructure of the existing properties in order to achieve a more sustainable use of energy.
“The transaction with Astor Group reflects the focus of Rietumu Bank’s activity – we finance important, large-scale companies and their projects in Latvia and other Baltic countries, understanding the specifics of the company’s business and developing an individually suitable solution for it. We highly value Astor Group’s market position and future potential in the field of Riga hospitality,” says Jeļena Buraja, Chairman of the Board of Rietumu Banka.
“The Astor Group is engaged in the development of residential projects and commercial real estate. We wanted to attract a partner who, like us, would be interested in business success and growth, learning new markets, setting and realizing ambitious goals, as well as implementing promising projects and creative business ideas. In Rietumu Bank, we found like-minded people who fully appreciated our potential and provided the necessary financing in the form of both credit and financial consulting. I am sure that this transaction will allow us to focus on the development of existing projects and promote business development in the near future,” says Raimonds Plāte, member of the board of Astor Group.
Astor Group is formed by a group of Latvian companies that develops real estate for hotels in various market segments with Radisson brands, such as Radisson Blu and Park Inn by Radisson. Astor Group has been working in Latvia for more than 20 years.
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2023-08-17 07:34:36
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