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The building of "Z Towers" was started in 2008, and was interrupted in 2009. Initially it was planned to finish all construction works and pass inspections in the first quarter of this year.

The building consists of two circular high rise towers (31 and 29 floors). The tallest tower will reach 120 metres and the total area of the premises will be approximately 100 000 square meters of which 70 000 are located above ground.

The hotel tower will be operated by Starwood Hotels and Resorts Worldwide, Inc. under the brand name "Sheraton".

Under the agreement, signed with Towers Construction Management, YIT Ehitus will construct the frame and facades. The contract sum will be determined, based on works being completed. The first stage of works is expected to be worth approximately 40 million euros.

Towers Construction Management will build the towers on behalf of the owner, SPI Real Estate Holdings, a Luxemburg-based real estate developer, a part of SPI Group.

"The innovative construction of the two connected buildings is bound to become one of the outstanding architectural landmarks in the Baltic Region. We are excited about this project, which we believe will be a promising one despite the economic circumstances of the region," said CEO of SPI Group Val Mendeleev.

SPI Group is international enterprise, which operates in various European countries. Latvia-based spirits producer Latvijas Balzams is a part of SPI Group.

Towers Construction Management" was established on March 3, and its only owner is SPI RE Holdings S.a.r.I., "firmas.lv" data shows.

Before the brake in construction, "Z Towers" construction was managed by Austrian developer Strabag.