Nuve Partners enters hospitality sector with a new acquisition
Nuve Partners, together with Estonian private investors, has acquired the property at Telliskivi 59a, home to the distinctive Railrooms Hostel, which offers accommodation in converted railway carriages.
“The Tallinn hotel market has gone through several cycles, but we are now seeing a gradual recovery,” comments Raiko Uri, Managing Partner at Nuve Partners. “Tourists are increasingly looking for personalised and experience-driven accommodation, especially in the Telliskivi area, where there is a clear shortage of original lodging concepts. For this reason, we see strong potential in this investment.”
In addition to the unique accommodation, the property also features a summer multifunctional outdoor venue, Veetorni Aed. This green oasis in the middle of the lively Telliskivi quarter is well suited for hosting events such as concerts, corporate gatherings, outdoor meetings, and graduation celebrations. The concept is led by Taavi Tuisk, who has long-standing experience in the entertainment business. According to Tuisk, the site functions as a compact and coherent whole:
“For us, the hostel and the summer outdoor area work hand in hand. Guests do not come here just to sleep. They also become part of the events and atmosphere on the outdoor stage and terraces.”
Tuisk also sees the cooperation with the new owner positively: “Nuve joining the ownership structure gives Railrooms a longer-term perspective and confidence that we can continue to develop our distinctive and cosy world in the heart of Telliskivi.”
Over the past year, Nuve Partners has been one of the most active participants in the commercial real estate market. During this period, the company has acquired 15 retail and logistics properties in Estonia and Latvia. Hospitality real estate, however, represents a new direction for the firm. “We have always looked for commercial real estate segments that offer attractive returns with reasonable risk. At the moment, hospitality appears to be a suitable addition to our portfolio,” Uri adds.
In the longer term, the property also offers broader development potential. Uri, who previously managed Telliskivi Creative City, knows the dynamics of the area well and sees several growth opportunities. “We are located along Telliskivi Street and at the starting point of the Putukaväil. This is why our historic water tower could one day become the ‘Putuka Tower’. In addition to hospitality, we see potential here for office and entertainment spaces and, if circumstances allow, possibly even a few apartments with views towards Toompea,” Uri adds optimistically.
