Signet Bank grants EUR 6.9 million for further development of Liepaja's Promenade Hotel and Art Hotel Roma
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.”
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.”
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.”
Inese Židele, the manager of both hotels
About Promenade Hotel and Art Hotel Roma
Promenade Hotel is a five-star superior design hotel with 58 standard and deluxe rooms, spacious conference facilities, a spa center and a fitness area. It features the Piano restaurant and bar, as well as an art gallery. The hotel regularly hosts various cultural and entertainment events. “Promenade Hotel has a 9.1 customer rating on booking.com.
Art Hotel Roma is a boutique design hotel with 29 rooms in different categories, including spacious luxury rooms and cozy penthouses. All guest rooms and the rest of the hotel feature original works by local artists. The hotel has a spacious courtyard with a fountain as its centerpiece, the Roma bakehouse, the Roma Garden gallery, the Museum of Puppetry Art and Design, the Berči event space and various boutiques. The hotel has a 9.4 customer rating on booking.com.
Both hotels are owned by businessman Ivars Kesenfelds. Together, the hotels have more than 100 employees. In 2024, both hotels paid approximately EUR 1 million in taxes to the state budget.
About Signet Bank
Signet Bank is Latvia’s leading investment bank, founded in 1991 and one of the first banks in independent Latvia. Signet Bank offers sustainable financing and investment solutions to local entrepreneurs and businesses. Since 2021, Signet Bank has raised additional funding of EUR 500 million for more than 40 Latvian companies through bond and equity issues. In 2024, funds under management reached EUR 1.6 billion. Signet Bank is the leading arranger of corporate bond and equity issues in Latvia and one of the leading stockbrokers in the Baltics. Signet Bank’s shareholders are eighteen Latvian and international private investors, the largest of which are Signet Acquisition III (23.05%), whose sole shareholder is US investor Aleksandrs Solovejs, AS “RIT Group” (18.35%) – a Latvian company owned by the Rapoport family, and SIA “Reglink” (14.98%), founded by banking professional Irīna Pīgozne.
