Real estate developer Vastint Lithuania and Raminora, a hotel management firm, on March 3rd signed a letter of intent with Marriott International as well as an agreement on cooperation with the local authority of Palanga.
"Design works are in progress now. Then we'll hold talks on investment and other things and will sign a master agreement. We want to obtain a building permit by the end of this year. This will be the first Marriott hotel in the Baltic countries," Vastint Lithuania CEO, Kestutis Vedeckis.
According to preliminary estimates, the 15,000-square-meter hotel, which will be built at the site of the former swimming pool Jurate, will have 200 rooms and a spa center.
Vastint Lithuania currently manages administrative and commercial buildings in the Jogailos street and the Gediminas Avenue in Vilnius as well as Uniq, an office building.
The Marriott International chain currently has 5,500 hotels around the world.
