The territory of the former St. Jacob’s Hospital in central Vilnius will host an AC Hotel by Marriott, which will be operated by Orkela, the developer of the new complex owned by the investment management company Lords LB Asset Management.
The company reported via Nasdaq Vilnius on Wednesday that it had signed a franchise agreement with Luxembourg-based ACHM Global Hospitality Licensing and had obtained the rights to open and operate an AC Hotel by Marriott at the building complex located at Vasario 16-osios Street 1, Vilnius.
BNS reported in May that Orkela is returning to its original idea for the complex of the former St. Jacob’s Hospital, which is located between Lukiskiu Square and the White Bridge and is undergoing reconstruction, and intends to build a four-star hotel on the site, given that it has already obtained a respective building permit and prepared a technical project.
The project should consist of four functional areas – a four-star hotel with a conference center, training and administrative facilities and a car park.
The total area of two hotel buildings should reach 12,600 square meters. The hotel should have 272 rooms and a 400-seat conference center, a bar and restaurant, a spa, a gym, and shops, cafés and restaurants on the ground floors.
Anastasija Pociene, a fund manager at Lords LB Special Fund IV managed by Lords LB Asset Management, has said that the completion rate of the 5-storey buildings for the hotel currently reaches 72 percent.
In 2021, the company planned to reconstruct four buildings on the site in Vasario 16-osios Street and to build a new 272-room hotel for the Clarion chain, with a total area of 17,600 square meters.
In 2023, it was announced that the plans for the hotel had been abandoned and that the entire complex of the former St. Jacob’s Hospital had been leased to the Royal Russell School. However, the contract was terminated in November 2023.
The project is said to involve an investment of more than 55 million euros, with construction due to be completed in early 2025.
Source: BNS
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