Five-star hotel and student hostel to go to highest bidder

In an effort to sell two hotels in Riga, public auctions are taking place on August 14 and 18. The starting price for Rigas studentu hostelis (Riga Student Hostel) at the first of these auctions will be LVL 385,000 (EUR 550,000). The auction of “a 5-star hotel located on Atlantijas Street” will have the starting price set at LVL 1.36 million. It is reported that Latvijas Krajbanka plans to obtain the two hotels.