EUROPA ROYALE RIGA HOTEL SOLD IN AUCTION ORGANIZED BY NEWSEC
The Europa Royale Riga hotel has been sold to the Estonian real estate developer Kapitel in an electronic auction organized by Newsec. The architecturally valuable property was sold with all furniture, fixtures and equipment for 4.82 million euros.
“This is Newsec’s third hotel deal in the Baltics in 2021. In the process of selling the Europa Royale Riga hotel (also known as “the Benjamin House”), we saw huge interest from various types of buyers – real estate developers, investor groups and especially individual investors. Buyers are looking for small hotels in good locations to revive the hotel business post-pandemic or turn them into rental apartments,” notes Ģirts Grinbergs, Chairman of the Board of Newsec in Latvia.
The 2,346-square-meter property is located at 12 Krišjāņa Barona Street in Riga. It includes a four-storey hotel building and a two-storey administrative building. More than 2,100 items of movable property were also sold together with the hotel.
Among the furnishings are some valuable historical objects: a restored piano from the Writers’ Union, a wardrobe in the style of national romanticism, Anton Benjamin’s cabinet, a painting of Paris by Ludolf Libert, and Janis Rozentāls’ portrait of Rudolf Blaumanis.
“We are very pleased that this house, built in 1876, with all its historical heritage, has gained new owners and we very much hope that it will regain the splendour it had at the beginning of the 20th century,” Ģirts Grīnbergs adds.
Newsec has offered electronic real estate auction services since February 2020. Last year it successfully conducted 14 property auctions.