New owner for Ülemiste Hotel in Tallinn
PalmGrupp OÜ has acquired the asset close to Tallinn airport from Noravest OÜ.
The hotel is located in the immediate vicinity of Tallinn’s international airport in the Ülemiste district. Currently, it is the only hotel around the airport and features 132 spacious rooms. The hotel also includes a restaurant, a lobby bar, three conference rooms, wellness facilities and a nightclub. The hotel was operated as an independent 4-star hotel by Ülemiste Hotel OÜ.
The property was sold as part of a structured sales process, accompanied by Christie & Co, to the local company PalmGrupp OÜ. The new owner is taking advantage of the development potential of the property and will rebrand the hotel as an Accor Mercure hotel.