Spectra B.V. Acquires Grand Hotel Vilnius From 1 Asset Management's IAM Luxury Hotels Fund

The IAM Luxury Hotels Fund, managed by 1 Asset Management, has signed an agreement to sell the five-star Grand Hotel Vilnius, Curio Collection by Hilton, to Spectra B.V., a company within the Tesonet group, the fund announced Aug. 5. Financial terms of the transaction were not disclosed. Closing is expected upon satisfaction of customary conditions and receipt of required regulatory approvals.

A Trophy Asset in the Heart of Vilnius Old Town

Grand Hotel Vilnius is located at Universiteto g. 14 in Vilnius Old Town, directly opposite Cathedral Square. The property operates under the Curio Collection by Hilton brand and carries more than a century of operating history, positioning it among a small number of internationally branded luxury hotels in the Baltic region with a prime city-center address.

1 Asset Management described the hotel as one of the Baltic region's few genuine trophy hospitality assets, noting the scarcity of comparable properties in the market. "Historic, internationally recognised luxury hotels in prime capital city locations rarely become available on the market," said Mindaugas Strėlis, Chairman of the Board of 1 Asset Management, in a statement accompanying the announcement.

Value-Add Renovation Program to Continue Under New Ownership

IAM Luxury Hotels Fund acquired Grand Hotel Vilnius in 2024 and subsequently launched a renovation program valued at more than EUR 13 million. The program, designed by London-based architecture and interior design studio Vita Architecture, covers the refurbishment of guest rooms, conference facilities, and public areas, as well as upgrades to the building's engineering infrastructure. According to 1 Asset Management, the renovation program will continue after the transaction closes, proceeding as originally planned under Spectra B.V.'s ownership.

Marius Jakulis Jason, the fund's principal investor, said the long-term strategy implemented by IAM Luxury Hotels Fund had increased the hotel's value ahead of the sale. "Consistent investment, active asset management and a clear long-term vision have significantly increased the hotel's value," he said. "We are pleased to hand it over today to a new owner as one of the region's most prestigious hospitality properties."

Strong Operating Metrics During Renovation

Despite active construction works, the hotel posted occupancy of 85.9%, an Average Daily Rate of EUR 202.7, and Revenue per Available Room of EUR 175.9 — approximately 5% above budget — according to Ieva Kuodė, Fund Manager of IAM Luxury Hotels Fund. In June, the property also outperformed other five-star hotels in Vilnius on a RevPAR basis, the fund said.

Strėlis cited the operating results as evidence of the fund's asset management approach. "Even during the renovation, the hotel exceeded budget across all key operating metrics in the second quarter of this year," he said. "We are handing over Lithuania's most prestigious and iconic hotel to its new owner — a unique trophy asset with virtually no comparable property in the region, supported by strong operating performance and a solid foundation for further value creation."

1 Asset Management Continues European Hospitality Strategy

The Grand Hotel Vilnius sale represents the latest in a series of exits by 1 Asset Management in the hospitality sector. Over the past year, the company also completed the sale of two investments held by its Airport Hotels Fund — hotels located near Vilnius and Kraków international airports.

IAM Luxury Hotels Fund retains ownership of the five-star Radisson Collection Astorija Hotel in Vilnius and is separately developing the conversion of a historic building in central Rome into a luxury five-star hotel, according to the firm. The fund's stated investment strategy focuses on acquiring and enhancing hotel properties across Europe.

Sources

1 Asset Management — IAM Luxury Hotels Fund sells Grand Hotel Vilnius (Aug. 5, 2026)