A company linked to Lithuanian technology and investment group Tesonet has applied for regulatory approval to acquire Grand Hotel Vilnius, a landmark hotel located near Cathedral Square in the capital, the Competition Council said.
Netherlands-based Spectra, which is associated with Tesonet Global holding company, submitted a request to acquire 100% of the shares in the company that operates the hotel. The application was filed July 27, according to the regulator.
Grand Hotel Vilnius is currently owned by a subfund of investment management company I Asset Management, according to data from the Centre of Registers.
The hotel, located in central Vilnius, operated under the name Grand Hotel Kempinski Vilnius until May 2024. In late 2023, the hotel signed a franchise agreement with international hospitality group Hilton and a management agreement with Apex Alliance Hotel Management. It began operating as Grand Hotel Vilnius, Curio Collection by Hilton, on May 17, 2024.
In August 2024, the IAM Grand Hotel Vilnius subfund of I Asset Management became the hotel’s sole shareholder.
Grand Hotel Vilnius reported revenue of 6.96 million euros last year, up 10.6% from the previous year, while its net loss narrowed 2.2 times to 638,000 euros, according to financial statements submitted to the Centre of Registers.
The company said the hotel plans to invest more than 10 million euros in renovations, including upgrades to conference rooms, guest rooms, the facade, gym and lobby. Most of the work is expected to be completed by the end of 2026.
Because half of the hotel’s rooms will be unavailable throughout the renovation period, the company forecasts a 40% occupancy rate and revenue of 5 million euros in 2026.
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