Sorainen advised Lords LB Special Fund V, managed by investment management company Lords LB Asset Management, on signing an agreement with InterContinental Hotels Group (IHG) on management of the Holiday Inn hotel in Riga. Lords LB Special Fund V acquired the Preses Nams building, where the hotel will be located, and 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 centre.
There are 25 IHG 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.
Sorainen advised the client on all agreement-related matters.