LIDO unveils ambitious growth strategy
In the heart of Latvia's capital, a modern and ambitious project is taking shape. Known as the "LIDO House", this hotel and mixed-use complex is a brainchild of the LIDO group, a renowned Latvian restaurant and entertainment chain.
The LIDO House, which opened around 2018 near Riga Airport, serves as a hub for tourists and business travellers, offering accommodation, dining, and event spaces. Part of a broader initiative to stimulate tourism and urban development in the area, the project aims to establish a landmark destination.
The LIDO group has invested significant private capital in the project, marking an expansion of their footprint in hospitality beyond restaurants. The project is a long-term investment in LIDO's future, aiming to expand the company, implement modern production standards, and strengthen its position in the Baltic market.
The LIDO House is set to be a key anchor tenant in an expansive retail park complex, totalling 88,000 m2. This retail park will feature a variety of entertainment, restaurant, and retail brands, including Apollo Kino, Skypark, Euronics, KFC, Sportland, Sinsay, and more.
The transformation of a section of the historic Riga Radiotehnika factory building forms part of the LIDO House project. This revitalization effort aims to preserve the industrial heritage and contribute to urban renewal through a socially responsible approach.
The construction of the LIDO House is scheduled to begin in the spring of next year, with the full commissioning and official opening planned for the summer of 2027. The project is a significant step for LIDO, as it coincides with their 40th anniversary.
LIDO has signed a 20-year lease agreement for the LIDO House project and has expressed its commitment to achieving BREEAM sustainability certification during the building's reconstruction. Upon completion, LIDO aims to obtain the FSSC 22000 food safety certification.
The total investment in the retail park is anticipated to reach around 100 million euros, with more than 40 million euros allocated for the implementation of the LIDO House project. The LIDO Group, which includes multiple restaurants, stores, production facilities, and employs over 1,200 people, is excited about the potential growth and enhanced competitiveness that the LIDO House project promises.
SEP, responsible for the architectural and technical solutions of the LIDO House project, is honoured to collaborate with LIDO. Olūgs Umanskis, Commercial Director of SEP, and Rita Auziņa, Chairwoman of the LIDO Management Board, have expressed their pleasure in this collaboration and their belief that the LIDO House will enable the team to work more efficiently and deliver greater added value to customers.
Ivar Vendelin, LIDO Supervisory Board Chairman, has emphasised the project's importance for expanding the company's geographical presence and entering new markets. Peeter-Jaak Ait, Chairman of the Board of "KP4", the project's owners and developers, shares this sentiment, expressing his pleasure in cooperating with LIDO.
The LIDO House project is set to be a significant contributor to urban revitalization in Riga, attracting visitors, supporting local businesses, improving infrastructure, and increasing the area's appeal as a gateway to Latvia's capital. It exemplifies how private investment in hospitality can foster urban renewal and economic growth in underdeveloped city zones.
- The LIDO group's investment in the LIDO House project marks an expansion of their business ventures, moving beyond restaurants into the real-estate industry.
- As a key anchor tenant in the expansive retail park complex, the LIDO House is expected to bring in a variety of business opportunities, including dining, entertainment, and retail brands.
- The LIDO House project, with its anticipated 100 million euros investment, is a significant step in the LIDO Group's finance strategy, aiming to increase their competitiveness in the Baltic market and establish a landmark destination.
