EfTEN Kinnisvarafond news
Renovated Hotell Palace opens June 26
Hotell Palace, one of the oldest and most prestigious hotels in Tallinn, re-opens after substantial renovations June 26, 2014.
Ain Käpp, the CEO of TallinnHotels, the operator of Hotel Palace said that the interior of the historical over 70-year-old hotel has been fully redecorated and the renovated hotel will be opened with improved meeting and conferences facility and the new sauna center. „Business class hotel shortly to be opened has maintained its historical atmosphere after the extensive refurbishment,“ Käpp added.
The hotel will have a total of 79 rooms, each one more spacious than before. Interior design is inspired by elegance and the art works of recognized Estonian painter Konrad Mägi. The ground floor of the hotel will have a fitness room, swimming pool and sauna complex. The first floor will include a seminar room, suitable for organizing conferences as well as banquets, with a capacity of up to 75 people.
According to Käpp, refurbished Hotel Palace located in the centre of Tallinn will be a strong four-star hotel, where also new restoran Konrad leaded by highly appreciated chef Rene Uusmees will be opened on August 20.
Hotel Palace was built in 1937 and was the first building in Tallinn constructed specially as a hotel. The hotel was nationalized during the Soviet occupation and the new wing of Pärnu road was built in 1959.The last full renovation of the building took place in 1989.
EfTEN Real Estate Fund acquired the property of Hotel Palace from Scandic Hotels AB in February 2013, and has invested in the project about ten million euros. Viljar Arakas, CEO of EfTEN Capital, said that Hotel Palace has one of the strongest emotional values in company’s investment portfolio. „The modernization of the historic Hotel Palace is a question of honor, and we will determine in cooperation with operator Hotel Palace capabilities in highly competitive market,“ Arakas added.
The general contractor of the project is Oma Ehitaja, the architectural design is prepared by R. Valk Arhitektuuribüroo and interior design by Vaikla Disain.
EfTEN Kinnisvarafond and Esraven AS are the owners of Hotel Palace. The operator of the hotel is TallinnHotels, which manages five hotels in the heart of Tallinn: Savoy Boutique Hotel, Hotel Palace, Hotel Bern, Hotel of Taanilinna and City Hotel Portus.
Additional information:
Ain Käpp
CEO
TallinnHotels
E-mail: [email protected]
Phone +372 502 5001