The IAM Luxury Hotels Fund, managed by 1 Asset Management, has completed the sale of the five-star Grand Hotel Vilnius, Curio Collection by Hilton. The historic hotel, located in Vilnius Old Town opposite Cathedral Square, has been transferred to its new owner, Spectra B.V., a Tesonet group company.

The IAM Luxury Hotels Fund had owned the hotel since 2024. During this period, a refurbishment programme worth more than €13 million was launched, encompassing the modernisation of guest rooms, conference facilities, common areas and engineering infrastructure. The refurbishment work will continue under the new ownership.

“We are pleased to have generated a double-digit return for our investors, reflecting both the exceptional quality of the asset itself and our team’s work to enhance its value. We invested in refurbishing the hotel and strengthening its position in the luxury hospitality market, and through the sale, we have converted that work into a tangible investment result. We are handing Grand Hotel Vilnius over to its new owner with a strong foundation for further value growth,” says Mindaugas Strėlis, Chairman of the Management Board of 1 Asset Management.

This is the third hotel sold by funds managed by 1 Asset Management. In 2025, the company exited its investment in Park Inn by Radisson Vilnius Airport Hotel & Conference Centre, and this year it sold Hampton by Hilton Krakow Airport in Poland. These transactions demonstrate the company’s experience in managing the entire investment cycle—from acquiring or developing a hotel to realising the value created.

The funds managed by the company continue to invest in the hospitality sector and own Hampton by Hilton near Riga Airport and the five-star Radisson Collection Astorija in Vilnius. Like Grand Hotel Vilnius, the latter is classified as a trophy asset—a category encompassing exceptionally valuable properties distinguished by their historical and architectural significance and prestigious locations.

1 Asset Management’s hotel investment strategy is to identify or develop exceptional properties whose value can be enhanced through targeted investment and active management. One example of this strategy is the company’s investment in the conversion of the historic Teatro delle Arti building in central Rome into a five-star hotel. The company invested in the property earlier this year.

About 1 Asset Management

1 Asset Management is a licensed investment fund management company supervised by the Bank of Lithuania. It serves institutional and private investors, focusing on niche asset classes and value-creation strategies. The company invests in modern student housing, historic and airport hotels, veterinary clinics, forests, educational infrastructure, private debt in Central and Eastern Europe, and large-cap companies listed on US stock exchanges.

The company currently manages assets worth more than €750 million on behalf of over 450 investors. In 2025, it expanded internationally by establishing a presence in Luxembourg through the acquisition of a local management company. This expansion has enabled the company to create more flexible fund structures, access global investment opportunities and strengthen partnerships with international investors.

About Grand Hotel Vilnius

Grand Hotel Vilnius, Curio Collection by Hilton is a five-star hotel located in Vilnius Old Town, opposite Cathedral Square. Housed in a historic building dating back more than a century, the hotel is part of Hilton’s international Curio Collection and is regarded as one of Lithuania’s most prestigious hospitality properties.

The hotel features 96 guest rooms and suites, the Telegrafas restaurant, DUKES Lounge & Bar, a spa with an indoor swimming pool, a fitness centre, and conference and event facilities. A refurbishment programme worth more than €13 million is currently under way, aimed at further strengthening the hotel’s competitiveness in the international luxury hospitality market.