OÜ Livida Grupp has bought the Draakon Hotel on Tartu's central Town Hall Square (Raekoja plats). The group plans to convert the property into apartments and commercial space, writes Tartu Postimees.
The Draakon Hotel and restaurant, which is directly opposite Tartu Town Hall, had been for sale for several years. While in the fall of 2019 the then-owner was asking €14 million for the space, by January 2022 the advertised price was below €7 million, writes Tartu Postimees.
Paul-Kristian Padrik, the new owner of the Draakon Hotel and Restaurant and a representative of Livida Grupp, preferred not to reveal the exact amount of the deal, though he did confirm that it was less than €5 million.
"We looked at a very valuable property that had been for sale in the city center for a long time, and by communicating with the previous owner, we found common ground in order to reach this deal," Padrik explained.
Riina Veiram, manager of OÜTony, one of the previous owners of the Draakon Hotel, also declined to comment on the details of the deal.
With its classicist and baroque style, the buildings of the Draakon Hotel are part of the 18th-century architectural complex of Tartu's Old Town.
Editor: Michael Cole