Request for Proposal: Selection of a Financial and M&A Advisor

The Supervisory Board of Estonia Spa Hotels AS and the company’s sole shareholder, the City of Pärnu, are seeking an experienced financial and M&A advisor in connection with the potential sale of 100% of the shares in Estonia Spa Hotels AS.

Estonia Spa Hotels AS is a spa hotel operator in Pärnu, Estonia, comprising two complementary spa hotel concepts — Estonia Resort Hotel & Spa and Estonia Medical Spa & Hotel. The company’s consolidated revenue in 2025 was approximately EUR 11.5 million.

We are looking for an advisor with strong M&A and valuation experience, an understanding of transactions involving both hospitality and real estate components, an international investor network and the capability to support both the preparatory phase and a potential structured sale process.

Proposal submission deadline: 28 May 2026 at 17:00 (EET)
Proposal submission: in accordance with the instructions set out in the tender documents.
Questions and further information: Andrus Aljas, andrus@spaestonia.ee

The scope of work, evaluation criteria, timetable and proposal submission requirements are set out in the tender documents attached below.

Tender documents:
Estonia_Spa_Hotels_RFP
Annex 1.1_Pärnu Tourism Market
Annex 1.2_Estonia Spa Hotels Overview
Annex 2_Detailed Description of Evaluation Criteria
Annex 3_Draft Advisory Services Agreement

Estonia Spa Hotels AS · City of Pärnu · 08.05.2026