Tesonet is expanding its investment portfolio with a planned acquisition of Grand Hotel Vilnius, one of the city’s most recognizable hospitality landmarks located in the heart of Vilnius Old Town.
The planned investment reflects Tesonet’s confidence in Lithuania’s future and its commitment to creating long-term value through projects that combine business potential with cultural and historical significance.
“Lithuania continues to strengthen its position as a country known for high-quality services, innovation, and strong future prospects. We see Grand Hotel Vilnius as much more than a commercial asset — it is an important part of the city’s history, architecture, and identity. Our goal is to respect the history of the building while focusing on quality and creating a space that welcomes visitors to Vilnius in a truly representative way, delivering the highest standard of experience in the very heart of the city,” said Evelina Žvinytė, Head of Strategic Projects at Tesonet.
Following completion of the acquisition, Tesonet plans to continue the hotel’s ongoing renovation programme. The initial focus will be completing the planned refurbishment of guest rooms, followed by improvements to the hotel’s shared spaces and facilities.
The hotel’s current brand and operator will remain unchanged. Grand Hotel Vilnius will continue operating as Grand Hotel Vilnius, Curio Collection by Hilton, managed by Apex Alliance Hotel Management.
“Over recent years, we have invested significantly in the hotel’s development, including a renovation programme valued at more than €13 million. The property’s competitiveness has been strengthened, and operational results exceeded expectations even during the renovation period. We believe this is the right stage to realise the investment,” said Mindaugas Strėlis, Chairman of the Board at 1 Asset Management.
The property has been undergoing a significant renovation programme, with more than €13 million invested to enhance guest rooms, conference spaces, the façade, fitness facilities, and other areas of the hotel. The majority of planned improvements are expected to be completed by the end of 2026.
“We believe this investment will further strengthen one of Vilnius’ most important hospitality assets and contribute to the city’s reputation as an attractive destination for visitors from Lithuania and abroad,” said Žvinytė.
Located next to Cathedral Square, Grand Hotel Vilnius has long been a symbol of Vilnius’ hospitality and architectural heritage. Tesonet’s ambition is to preserve the character of the building while supporting its continued evolution as a world-class destination in the city centre.
