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Floating hotel to open in Vilnius – the first of its kind in Lithuania

Gustas Germanavičius
Floating hotel to open in Vilnius – the first of its kind in Lithuania
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This article was posted on Delfi.lt

Visitors to Vilnius or residents of the capital will soon be able to stay in a unique place – a floating hotel (floatel) will be moored in the very heart of the capital, on the banks of the River Neris, offering magnificent views of the capital city from its windows.

The newly opened hotel will offer 23 modern studio apartments. The rooms will be located on both floors of the hotel, each with a private entrance and private bathroom, and some will have stained-glass windows overlooking the Neris River. 

A restaurant and a bar are planned on the roof of the hotel, and the open space will be for public use, so that it can be used as a leisure area by both hotel guests and city residents. During the warmer months of the year, this space will be a great place for healthy lifestyle activities or sports such as yoga.

"While such floating hotels are not new in the world, this would be the first hotel on water in the city center in Lithuania. Although the main purpose of the floating hotel is to provide short-term accommodation, its unique design would also contribute to the revitalisation and revitalisation of the River Neris, expand the supply of short-term accommodation in the capital and create a more modern image of the city," says Karolis Paulauskas, the owner and manager of the project, UAB "Vilniaus Uridu Direkcija".

The hotel on the water will be open all year round 

The first hotel of its kind in Lithuania will welcome guests in the heart of Vilnius during the season - on the left bank of the King Mindaugas Bridge, opposite Gediminas Castle and Cathedral Square. This location was chosen for a reason - the city centre is easily accessible by car and public transport, while the Old Town and the landscaped green parks are within easy reach.

In the off-season, the floatel will continue its activities in the winter harbour in the Žirmūnai district. The port is still only a wintering place for a few boats, so a winter hotel could contribute to the revitalisation of the harbour, enlivening the everyday life of the district, giving this part of the city a new lease of life and attracting tourists.

"Abroad, floating hotels are usually classified as luxury hotels, so the price bar for accommodation is set quite high - you can expect to pay from several hundred to several thousand euros per night. The prices of the hotel that will open its doors in Vilnius will be really affordable, so that not only foreign guests or compatriots coming from other Lithuanian cities, but also residents of the capital city who want to spice up their everyday life will be able to enjoy their accommodation," says K. Paulauskas.

Investors will benefit from additional benefits 

According to the Department of Statistics, Lithuania receives around 1.7 million tourists from all over the world per year. As interest in the capital grows, so does the demand for entertainment, catering and accommodation establishments and attractions. Despite the number of new hotels opening every year, there are not many exclusive places to stay in the capital. Today, the potential of the Neris in Vilnius is not fully exploited, so a floating hotel could be the start of the river's revitalisation project, a unique place where tourists would have the opportunity to get to know Vilnius in a different way, and where locals would discover a cosy corner for a relaxing getaway without having to leave the city.

As Gustas Germanavičius, head of the InRento platform that finances the floatel project in Vilnius, points out, the floatel-type accommodations, which are very popular in major cities around the world, are very attractive not only for tourists but also for investors, as they can generate high returns.

"If we look at the money available to developers and investors, such projects are very cost-effective, as floatels can be built in areas where land would be very expensive to buy or rent, or where there is no land supply at all. In this context, the return that investors can generate from renting is much higher than the return that would be generated by any hotel or real estate development in the surrounding area. From a cultural point of view, this is a great way to increase the city's attractiveness for tourists and to provide unique experiences," shares Germanavičius.

This project is unique for its investors: investors will have the opportunity to benefit from the 'Timeshare' option on the InRento platform, which allows investors to stay a certain number of nights in a specific project. Investors in a floatel project in Vilnius will be granted 1 free night for investments of EUR 5,000 and above and 3 free nights for investments of EUR 15,000 and above.

"Project investors will be paid interest every month with an attractive return of 8-8.5% per annum, and a fixed annual return of 2% per annum on capital gains. This raises the total yield of this stage to between 10 and 10.5% annual return", says G. Germanavičius, CEO of InRento.