1 Asset Management Sells Grand Hotel Vilnius to Spectra B.V. in Latest Hotel Exit

The IAM Luxury Hotels Fund, managed by 1 Asset Management, has completed the sale of Grand Hotel Vilnius, Curio Collection by Hilton, to Spectra B.V., a company affiliated with Tesonet. The transaction, announced Sept. 22, 2026, transfers ownership of the 96-room, five-star property located at Universiteto g. 14 in Vilnius Old Town, opposite Cathedral Square, to its new owner.

The deal was structured as the acquisition of 100% of the shares of UAB Grand Hotel Vilnius, giving Spectra B.V. sole control of the hotel operating company.

A Value-Add Exit After Repositioning

The IAM Luxury Hotels Fund acquired the hotel in 2024 and subsequently launched a refurbishment program valued at more than €13 million, covering guest rooms, conference facilities, common areas and engineering infrastructure. The fund also oversaw a brand transition: a Hilton franchise agreement was signed at the end of 2023, and the property adopted the Curio Collection by Hilton identity in May 2024, when Apex Alliance Hotel Management assumed management responsibilities. The hotel had previously operated as Grand Hotel Kempinski Vilnius.

The firm said the investment generated a double-digit return for investors, attributing the result to the quality of the asset and the team's value-enhancement work.

"We are pleased to have generated a double-digit return for our investors, reflecting both the exceptional quality of the asset itself and our team's work to enhance its value. We invested in refurbishing the hotel and strengthening its position in the luxury hospitality market, and through the sale, we have converted that work into a tangible investment result. We are handing Grand Hotel Vilnius over to its new owner with a strong foundation for further value growth," said Mindaugas Strėlis, Chairman of the Management Board of 1 Asset Management.

The refurbishment program will continue under Spectra B.V.'s ownership, according to the announcement.

Third Hotel Sale for 1 Asset Management-Managed Funds

The Grand Hotel Vilnius transaction is the third hotel disposition completed by funds managed by 1 Asset Management. In 2025, the company exited its investment in Park Inn by Radisson Vilnius Airport Hotel & Conference Centre. Earlier in 2026, it sold Hampton by Hilton Krakow Airport in Poland. Together, the three transactions reflect a strategy of acquiring or developing hotel properties, investing in repositioning and active management, and selling once value has been created.

Funds managed by 1 Asset Management continue to hold Hampton by Hilton near Riga Airport and the five-star Radisson Collection Astorija in Vilnius, which the firm also classifies as a trophy asset. The company is additionally invested in the conversion of the historic Teatro delle Arti building in central Rome into a five-star hotel, a project in which it invested earlier in 2026.

Property and Market Context

Grand Hotel Vilnius occupies a historic building more than a century old and is recognized for its architectural and historical significance. The property features 96 guest rooms and suites, the Telegrafas restaurant, DUKES Lounge & Bar, a spa with an indoor swimming pool, a fitness center, and conference and event facilities. Its location opposite Cathedral Square in Vilnius Old Town places it in a highly constrained urban setting where new competing supply is difficult to develop.

The sale comes against a backdrop of strengthening hotel market performance in Lithuania. During the first eight months of 2025, branded-hotel occupancy in Lithuania rose 2.6 percentage points year over year to 74.9%, while average daily rate increased 9.6% to €82.07 and revenue per available room rose 12.5% to €61.46. Lithuania's hotel occupancy was also more than 10% above 2019 levels, indicating that demand had exceeded pre-pandemic benchmarks.

About the Buyer and Seller

Spectra B.V. is affiliated with Tesonet, a technology and investment group. Refurbishment work at the property will continue under the new ownership.

1 Asset Management is a licensed investment fund management company supervised by the Bank of Lithuania. The firm serves institutional and private investors with a focus on niche asset classes and value-creation strategies, including historic and airport hotels, modern student housing, veterinary clinics, forests, educational infrastructure, private debt in Central and Eastern Europe, and large-cap companies listed on U.S. stock exchanges. The company currently manages assets worth more than €750 million on behalf of more than 450 investors. In 2025, it expanded internationally by establishing a presence in Luxembourg through the acquisition of a local management company.