LATVIAN NEWS | HoReCa

Accor to open new hotel in the capital of Latvia

As a global leader in augmented hospitality, Accor expands and strengthens its portfolio of lifestyle brands in Eastern Europe.

The group has signed an agreement with Luxembourg holding Financiere Le Rachinel Sarl for a new hotel in Riga to open in October 2020. The facility will offer its guests 83 modern and comfortable rooms. After the renovation in 2022 the hotel will operate under TRIBE brand. The hotel will be open all the time, the modernization will be carried out in stages. And everything is prepared so the guest will have comfortable conditions of stay in the hotel

Despite current global situation Accor does not slow down with strengthening the portfolio of  lifestyle brands in Europe. The group has announced the opening new hotel in Riga planned for Q4 of 2020. Located in the very heart of Latvian capital, new facility will provide great spot for the tourists coming to the city. The hotel is placed in a recently renovated building from the beginning of last century and has a long history closely linked to Latvian capital. It was the residence of first Latvian president, and later on Valdemar's Riga Hotel operated at this address. The building is distinguished by unique architecture of the facades, intricate decorative elements and artistic tiles in the common areas.

New hotel will offer its guests 83 modern and comfortable rooms, restaurant, bar, very popular in this region sauna, conference space and a car park. The investor of the hotel is the Luxembourg holding Financiere Le Rachinel Sarl, a long-term partner of Accor, which manages several hotels, for example in Switzerland, Portugal and Hungary.

After the renovation in 2022, the hotel will operate under TRIBE brand, which is coming also to other European cities in upcoming years, such as Paris, Amsterdam, Manchester or Warsaw. Accor plans to open over 50 TRIBE hotels worldwide in the near future. Over the next five years, the brand is planning to open a total of 150 hotels worldwide aimed at a new generation of travellers in search of refined yet affordable experiences. TRIBE is an alternative lifestyle brand that is shaking up the rules of hospitality to fulfil the wants and needs of the modern traveller, without compromising on sophistication, style or originality. TRIBE is designed to be a unique urban space. The brand focuses on common areas and guestrooms, creating multifunctional spaces that encourage interaction between guests while providing that home-from-home feeling.

For several years now, Riga has been one of the most-recommended places in Europe to visit. Situated a little far from main touristic destinations of the Old Continent, Latvian capital surprises its guest with captivating architecture combining historical elements with modern architecture and variety of cultural and business events. This vibrant city is an ideal location for the TRIBE brand, which is spreading its presence around the Europe. We strongly believe that the new hotel will be well appreciated by local communities and all tourists visiting Latvia - Katarzyna Sławińska, Development Executive Poland & Baltic Countries, Accor convinces.

Our successful partnership with Accor, the leader in hospitality industry in the Europe, is dated back to the year 1986. Since then, the Group provided reliability, strong competence, professionalism and vision, that is why we are confident for future projects. We look forward to welcome first guest in the new hotel, and in upcoming years to introduce fresh hospitality brand on Latvian market - Hermann Le Rachinel, Managing Director, Financiere Le Rachinel Sarl, underlines.

ABOUT ACCOR

Accor is a world-leading augmented hospitality group offering unique and meaningful experiences in 5,000 hotels, resorts, and residences across more than 110 countries. With an unrivalled portfolio of brands from luxury to economy, Accor has been providing hospitality savoir-faire for more than 50 years.

Beyond accommodations, Accor enables new ways to live, work, and play with Food & Beverage, nightlife, wellbeing, and co-working brands. To drive business performance, Accor's portfolio of business accelerators amplifies hospitality distribution, operations, and experiences. Guests have access to one of the world's most attractive hotel loyalty programs.

Accor is deeply committed to sustainable value creation, and plays an active role in giving back to planet and community. Planet 21 – Acting Here endeavors to act for “positive hospitality”, while Accor Solidarity, the endowment fund, empowers disadvantaged people through professional training and access to employment.

Accor SA is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACRFY). For more information visit accor.com, or become a fan and follow us on Twitter and Facebook.

ABOUT FINANCIERE LE RACHINEL SARL

Financiere Le Rachinel Sarl is a financial holding with seat in Luxembourg. Company is involved in hotel and printing sector. In the hotel sector, Financiere Le Rachinel will count with this new acquisition more than 500 rooms in operation from 3 to 5 stars, representing 5 hotels and a turnover of 15 Mill. EUR.

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