Reconstruction of Hotel Palace in Tallinn is estimated at five million euros, the news portal BBN reported on Tuesday, cites LETA.
Estonian real estate fund EfTEN Kinnisvarafond and AS Esraven – the owners of the building of Hotel Palace – plan to start the renovation in October.
According to the plan, the improved hotel will open in May. The general contractor of the project is Oma Ehitaja, the architectural design is prepared by R Valk Arhitektuuribüroo and interior design will be the work of Vaikla Disain.
Hotel Palace was built in 1937 and was the first building in Tallinn constructed specially as a hotel. The last full renovation of the building took place in 1989.
As reported, EfTEN purchased Hotel Palace from Scandic Hotels, which stopped operations in Estonia after 14 years of activities.