Bigbank Finances 12 Million Euro Hampton by Hilton Hotel Construction in Tallinn

Bigbank AS concluded a loan agreement with GVP Invest Estonia OÜ in the amount of 12 million euros to finance the construction of a building intended for a Hampton by Hilton hotel. The construction of the 185-room hotel will begin in the summer of 2023 and is planned to open by the beginning of 2025 at the latest.

According to Aimar Roosalu, head of Bigbank's business banking unit in Estonia, the coronavirus pandemic temporarily halted international tourism and also major investments in the hotel market, but now the time is ripe for new developments. "The services sector makes up the majority of the entire European economy and hospitality is part of it. Quality accommodation services haven't gone anywhere, and all kinds of large-scale investments in Tallinn such as port development, airport expansion and infrastructure like Rail Baltica will not escape the attention of major investors," he explained the project's prospects. "For us it is also important that the hotel being built will, among other things, positively change the cityscape of Tallinn and will contribute to the rapid development of the entire Keskturg surroundings," noted Roosalu.

The planned hotel is located in Tallinn at Tartu Street 49, where previously the Eha cinema operated and most recently the Maxima supermarket. The existing building will be demolished. The new Hampton by Hilton hotel will be operated by Apex Alliance Hotel Management, which operates 13 hotels in Latvia, Lithuania, Poland and Romania under the Hilton, Marriott and Radisson brands.

Bigbank AS (www.bigbank.ee) is an Estonian capital-based bank focused on loans and deposits for private and business clients, which in addition to operations in Estonia has branches in Finland, Sweden, Latvia, Lithuania and Bulgaria and offers its products as a cross-border service also in Austria, Germany and the Netherlands. Bigbank's balance sheet total exceeds 1.5 billion euros, of which the business loan portfolio is over 500 million euros.