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Two Estonian-owned companies have bought the Palace Hotel, a landmark institution on corner of Tallinn's Freedom Square, from Sweden's Scandic Hotels, ERR News reported.
Palace Hotel once again under Estonian ownership
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EfTEN Capital's real estate fund and Esraven AS each now own 50 percent of a new company set up to own and manage the hotel, EfTEN Capital said in a press release today.
EfTEN Capital is owned by a group of Estonian businessmen that includes Hannes Tamjärv and the company's current CEO, Viljar Arakas, reported Postimees. Vello Kunman owns Esraven.
“The Palace Hotel has become an icon due to its long history and unique location. We plan to fully renovate the Palace and restore it to its former glory,” said Arakas.
Built in 1937, the Palace has been at times one of the most exclusive hotels in Estonia.