Naglis to reconstruct Kipsala dormitory into hotel
"Hotel Islande Ltd.", a company affiliated with businessman Janis Naglis (Latvia^apostrofs;s Way), plans on investing LVL 5.4 million into reconstruction of a former dormitory of the Riga Technical University (RTU) in Riga^apostrofs;s Kipsala to launch a three-star hotel there by 2005, newspaper "Dienas Bizness" reports today.
"Hotel Islande Ltd.", a company affiliated with businessman Janis Naglis (Latvia's Way), plans on investing LVL 5.4 million into reconstruction of a former dormitory of the Riga Technical University (RTU) in Riga's Kipsala to launch a three-star hotel there by 2005, newspaper "Dienas Bizness" reports today.
It is planned that the nine-story hotel will include 250-280 rooms. Work on the hotel's designs is over, Naglis hopes that the project will be approved in a month, he told the newspaper.
Negotiations are underway with construction companies that could do the job, companies that could invest money into the project are also being sought. Naglis confirmed to "Dienas Bizness" that he would also try to attract foreign investors to the project.
"Hotel Islande" expects that the investments will start to pay in 10-12 years.
According to Naglis, "Hotel Islande" acquired the right to use the former RTU dormitory for a period of 30 years through a tender - the law bans universities from selling their properties. "Dienas Bizness" reminds, though, that Naglis is also a member of the RTU convention. Besides the right to use the building, "Hotel Islande" has also assumed the dormitory's liabilities of several hundreds of thousands of lats.
According to the Registry of Enterprises' "Lursoft" database, "Janis Naglis Konsultaciju un investiciju firma Ltd." holds a 12.91 percent stake in "Hotel Islande", consultancy and real estate company "SBMK Ltd." - 19.48 percent, the U.S.-registered "Crest Trading L.L.C." - 24.72 percent, Girts Malmanis - 7.38 percent, Juris Erts - 3.15 percent, Vladimirs Bokmanis and Normunds Kairis - 3.67 percent each, the newspaper reports.
"Dienas Bizness" reminds that the second stage of construction of the hotel ABC on Karla Ulmana Street, which opened doors this past February, has also been launched recently - additional suites and a dining hall are to be constructed.
The ABC hotel belongs to "Kembi Ltd.", owned by "Janis Naglis Ltd." and "Merkkapitala komercsabiedriba Ltd.", which in its turn belongs to "Latvijas Krajbanka" shareholder Stefans Razna, "Dienas Bizness" writes.
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It is planned that the nine-story hotel will include 250-280 rooms. Work on the hotel's designs is over, Naglis hopes that the project will be approved in a month, he told the newspaper.
Negotiations are underway with construction companies that could do the job, companies that could invest money into the project are also being sought. Naglis confirmed to "Dienas Bizness" that he would also try to attract foreign investors to the project.
"Hotel Islande" expects that the investments will start to pay in 10-12 years.
According to Naglis, "Hotel Islande" acquired the right to use the former RTU dormitory for a period of 30 years through a tender - the law bans universities from selling their properties. "Dienas Bizness" reminds, though, that Naglis is also a member of the RTU convention. Besides the right to use the building, "Hotel Islande" has also assumed the dormitory's liabilities of several hundreds of thousands of lats.
According to the Registry of Enterprises' "Lursoft" database, "Janis Naglis Konsultaciju un investiciju firma Ltd." holds a 12.91 percent stake in "Hotel Islande", consultancy and real estate company "SBMK Ltd." - 19.48 percent, the U.S.-registered "Crest Trading L.L.C." - 24.72 percent, Girts Malmanis - 7.38 percent, Juris Erts - 3.15 percent, Vladimirs Bokmanis and Normunds Kairis - 3.67 percent each, the newspaper reports.
"Dienas Bizness" reminds that the second stage of construction of the hotel ABC on Karla Ulmana Street, which opened doors this past February, has also been launched recently - additional suites and a dining hall are to be constructed.
The ABC hotel belongs to "Kembi Ltd.", owned by "Janis Naglis Ltd." and "Merkkapitala komercsabiedriba Ltd.", which in its turn belongs to "Latvijas Krajbanka" shareholder Stefans Razna, "Dienas Bizness" writes.
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