Signet Bank, Latvia’s leading investment bank, continues to support the development of local businesses by allocating EUR 6.9 million for the growth of Liepaja’s hospitality sector. The funding will be used for the further development of two prominent hotels, Promenade Hotel and Art Hotel Roma, contributing to the development of high-quality hospitality services in the city.
Of the total funding, €4.7 million is allocated for the Promenade Hotel and €2.2 million for the Art Hotel Roma.
“Liepaja is an important tourism and business center both locally and, in the Baltics, and Signet Bank is pleased to support the development of the hospitality industry with strategic investments. Promenade Hotel and Art Hotel Roma are already outstanding hotels offering a high level of service and authentic experiences. With the funding, we will contribute to their further development, also contributing to the city’s competitiveness. Liepaja is one of the leading tourism hubs on the Baltic coast and we believe that this investment will strengthen the local economy. We are particularly pleased that through our interaction with the client we have been able to create financing solutions that also allow our client to significantly improve the profitability of both hotels,” says Roberts Idelsons, Chairman of the Board of Signet Bank.
It is expected that both hotels will use the financing provided by Signet Bank to successfully continue their development, strengthening their positions not only in Latvia, but also in the Baltic hospitality industry. At the same time, a significant part of the financing will be used to refinance existing liabilities.
“Over the past years we have made significant investments to be able to compete both on the local market and internationally. We have built a modern spa center, new apartments, including some large enough to comfortably accommodate families with children. Last year’s positive financial figures show that we are strategically on the right track. With the funding from Signet Bank, we will continue our development, working on new suites and refinancing existing liabilities on terms that are better aligned with the long-term development goals of both hotels,” explains Inese Židele, General Manager of Promenade Hotel and Art Hotel Roma.
According to the operational data, in 2024 Promenade Hotel had a turnover of EUR 2.57 million, with a profit of EUR 147 thousand. Art Hotel Roma, on the other hand, had a turnover of 1.1-million-euro last year, with a profit of 65.4 thousand euro.
The occupancy rate of both hotels averaged over 80% in the summer season, while in the winter and autumn seasons it ranged from 60 to 70%.
“At the moment, about a third of our guests are foreign travelers. The proportion of guests from Lithuania, Germany and other neighboring countries is significant, but there are also enough travelers who include a visit to Liepaja in their overall Baltic tour. Every year, the demand is also growing from companies that organize their strategic planning events outside their usual environment, here in Liepaja,” says Inese Židele, the manager of both hotels.
