Cobalt has advised the Astor Group on its EUR 25 million loan from Rietumu Banka to support the development and operation of its hotel properties in Riga.
Astor Group is a group of Latvian companies that have been developing real estate for hotels in varying market segments under the Radisson brand for over 20 years.
The Astor Group companies involved in the deal manage the Radisson Blu Daugava, Radisson Blu Ridzene, Park Inn by Radisson Valdemara, Park Inn by Radisson Residence Riga Barona, and Radisson Hotel Old Town Riga. "The financing was provided for both the company's working capital, future development, and refinancing of current liabilities," Cobalt reported.
According to the firm, there are plans to renovate certain properties and expand their functions in the near future, while the company intends to enhance the infrastructure of the existing properties to achieve a more sustainable use of energy.
The Cobalt team included Partner Toms Sulmanis and Senior Associate Inga Tenisa.