Large Finnish construction projects underway around Tallinn landmark Viru Hotel
Published:
23 November 2003 y., Sunday
The Viru Hotel, the landmark of Estonian capital Tallinn, is currently undergoing extensive renovations. Its new conference centre and restaurant were opened in October. The façade of the hotel will be rebuilt, and a large shopping complex is under construction next door.
The hotel, which was built by a Finnish construction company during the Soviet period, officially joined the Sokos hotel chain in September. It was acquired in June by SOK, which runs supermarkets, hotels, and restaurants in Finland. The shopping centre is being built by Pontos, the local subsidiary of Finnish construction company SRV.
The Estonian tax system favours construction: if profits are invested back in a company's operations, no corporate taxes need to be paid on the profits.
According to the new director of the Viru Hotel, Markku Tarnanen, some 70 stores will be opened in the new mall. The hotel itself will get 90 new rooms on top of the existing 400. The need for conference services is expected to grow in Estonia after the country joins the EU in May 2004. Viru will attempt to shift its focus to business travellers in the near future. At present, some 65 percent of the guests at the hotel are tourists. Finns account for 80 percent of all Viru Hotel guests.
Šaltinis:
helsinki-hs.net
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Standard & Poor's (S&P) affirmed Lithuania's long-term investment grade sovereign foreign currency BBB credit rating and removed it from a CreditWatch negative position, citing government commitments to address deteriorating public finances.
more »
The EBRD-EIB Multilateral Carbon Credit Fund (MCCF) and Azerenerji Joint Stock Company are collaborating in order to promote energy-efficient power generation in Azerbaijan.
more »
U.S. President Barack Obama, meeting with the leaders of Mexico and Canada, called on all three nations hit by the global recession to avoid resorting to protectionism.
more »
A 10-year $75 million EBRD loan will finance the construction of a combined heat and power plant in the east Siberian city of Krasnoyarsk which is expected to improve energy efficiency and cut pollution by 14 percent thanks to the use of more environmentally-friendly technologies.
more »
The Directorate-General for Competition has issued a review of the aid schemes introduced by Member States and approved by the Commission during the financial crisis.
more »
Rescue planes from New Zealand have been taking part in a massive search for passengers after a ferry sank off the coast of Tonga. At least 27 people are missing.
more »
Courtney Adams has always loved cooking. As a kid she baked brownies for her friends and in college her apartment was the place to go to for a home-cooked meal. But she never thought she'd cook for a living.
more »
The European Commission has authorised, under EC Treaty state aid rules, a scheme offering reduced-interest loans to businesses investing in the production of environmentally friendly products, as part of the German package to tackle the current economic crisis.
more »
Ramūnas Bičiulaitis, former board member and financial director of AB LEO LT, starts working as head of the Finance Department of Danske Bankas.
more »
The EBRD has kept up a rapid pace in the syndicated loans market, defying difficult market conditions and pulling together nine deals so far this year, worth a total €1.2 billion.
more »