1 Asset Management Completes €6.5 Million Renovation of Radisson Collection Astorija Hotel in Vilnius

VILNIUS, Lithuania — The Radisson Collection Astorija, a five-star hotel in Vilnius Old Town, has completed a €6.5 million renovation program with the finishing of its SPA and fitness facilities, according to an announcement from 1 Asset Management, the fund manager overseeing the property. The final phase of the project required an investment of more than €430,000.

The renovation was financed by the IAM Astoria Hotel Sub-Fund, a sub-fund of the IAM Luxury Hotels fund managed by 1 Asset Management. The project spanned multiple phases and included upgrades to guest rooms, the restaurant, bar, and conference facilities before culminating in the SPA and fitness renovation.

SPA Renovation and Wellness Offering

The newly completed SPA center was designed by architects Indrė Sangus and Greta Valikone of Yes.design.architecture around a "slow wellness" concept, emphasizing mindful relaxation, privacy, and a slower pace of life. The renovation included upgrades to the swimming pool, relaxation areas, fitness facilities, saunas, and changing rooms. Natural materials and minimalist design solutions were used throughout, with a salt wall serving as a key design feature.

"In recent years, we have observed changing guest expectations — not only is the quality of accommodation becoming increasingly important, but also the opportunity to step away from the intensity of city life. The SPA renovation was designed to provide a calmer, more personalized relaxation experience," said Indrė Ragalevičienė, General Manager of Radisson Collection Astorija.

Ragalevičienė noted that the hotel is being developed not only for visitors to Vilnius but also with the aim of becoming a destination for local residents. The new SPA center will be accessible to city residents as well as hotel guests.

Trophy Asset Strategy

Alius Jakubėlis, CEO of 1 Asset Management, described the Radisson Collection Astorija as an exceptional hotel classified as a trophy asset, emphasizing that the long-term attractiveness of such real estate extends beyond financial performance alone.

"Radisson Collection Astorija is an exceptional hotel classified as a trophy asset. The value of such properties is determined not only by their financial performance but also by their historical significance, location, and long-term attractiveness in the market. The renovation program, which exceeded €6.5 million in investments, enabled the systematic modernization of all key hotel facilities — from guest rooms and the restaurant to conference halls and the SPA. Trophy assets tend to retain their value even through changing market cycles, making investments in them a source of long-term value creation for both the hotel and its investors," Jakubėlis said.

1 Asset Management's Broader Portfolio

1 Asset Management has been investing in the hospitality sector since 2017, pursuing strategies that range from airport hotels to historic trophy assets in prime city-center locations. The firm recently completed the sale of two hotels located near the international airports of Vilnius and Kraków. It is also currently developing a project involving the reconstruction of a historic building into a five-star hotel in the center of Rome.

According to company representatives, this cross-market experience enables 1 Asset Management to create value through the development, management, and realization of hotel projects across various European markets.

Details such as the hotel's room count, year of original construction, occupancy rate, and average daily rate were not disclosed in the announcement.

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Sources: 1 Asset Management — Radisson Collection Astorija Renovation Announcement (June 2, 2026)