Grand Hotel Vilnius: €10 million renovation and transfer to a fund

2024 09 26

The luxurious five-star, 93-room “Grand Hotel Vilnius, Curio Collection by Hilton” located in the heart of Vilnius’ Old Town near Cathedral Square, will be transferred to a fund and undergo a renovation worth more than €10 million, according to its owner Marius Jakulis Jason.

The hotel will be acquired by the “1AM Luxury Hotels” subfund, managed by “1 Asset Management.” Marius Jakulis Jason will transfer the shares of UAB “Grand Hotel Vilnius,” which owns the “Grand Hotel Vilnius, Curio Collection by Hilton.”

“This is a strategic decision to ensure greater flexibility in the capital structure when significant funds are needed to invest in the hotel’s renovation and elevate it to an even higher level of luxury. This historic Vilnius hotel has endured numerous challenges and demonstrated resilience under difficult economic conditions. Together with the 1 Asset Management team, we have been developing hotel projects for several years now, and with these changes, we aim to implement a long-term strategy focused on maximizing the value of this historic hotel” said businessman and philanthropist M. Jakulis Jason.

“The planned investment in the hotel is more than €10 million, covering renovations to the conference rooms, guest rooms, and the lobby. The majority of this work is expected to be completed by the end of 2026. This is the second phase of the hotel’s refurbishment. During the first phase, we rebranded the hotel, introducing the luxury “Curio Collection by Hilton” brand to the Baltic States and undertaking minor decorative construction work. Along with the new brand, we selected new hotel operators, the “Apex Alliance Hotel Management” group, and together, we aim to increase the hotel’s value and appeal to visitors” stated Laurynas Antropikas, the manager and partner of the “1AM Luxury Hotels” fund.

Preparatory work is currently underway, including selecting architects and designers, during which two sample rooms will be created to reflect the new vision for the hotel. Conference room renovations will be carried out between January and March 2025. The remaining renovations are scheduled to begin in the second half of 2025 and be completed by the end of 2026.

The “1AM Luxury Hotels Fund” currently manages the five-star “Radisson Collection Astorija” hotel located near Vilnius City Hall. Additionally, the management company “1 Asset Management” has established the “Airport Hotels Fund” which has invested in hotels near international airports in Vilnius, Riga, and Krakow.

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