Media company Postimees Grupp is to relocate its headquarters to Sossimägi, close to the Tartu maantee/Peterburi tee intersection, by the end of the year. The current Postimees building at Maakri Street 23a is set to be turned into a hotel, ERR's online Estonian news reports.
Kenneth Karpov, board member at Fausto Capital, which owns the Maakri Street property, told ERR that since the building was only erected in 2000 and is in good shape, it will be renovated and open as a four-star hotel in early 2021.
Which hotel chain or operator will be the new tenant has yet to be announced, and negotiations are still underway, Karpov said.
"Some [hotel companies involved in negotiations] already have hotels in Tallinn, some don't yet," Karpov said.
Renovation work should begin at the beginning of 2021.
"It is our interest that as soon as Postimees Grupp has vacated the premises, we will be able to start work in the following months," Karpov said.
Fausto Capital also owns the Fahle Park development in the same Sossimägi area where Postimees is to relocate.
Postimees Grupp, formerly Eesti Meedia, operates daily Postimees (including Tartu and Pärnu editions) and several other publications, radio and TV channels.
Editor: Andrew Whyte