Swiss Construction Group «Silveroc» Sees Potential in Latvia’s Luxury Market

Swiss entrepreneur David Jeannet, founder and CEO of the specialized real estate consulting, management, and construction group «Silveroc», believes that Latvia’s construction market lacks an integrated approach to project management, especially in the luxury segment. His company opened an office in Riga two years ago, and he now spends two weeks each month in Latvia.

«Silveroc» specializes in hotel projects, offering a full range of services from finance and legal to marketing and construction. The company avoids intermediaries by managing procurement and supply chains internally to ensure higher quality and better value. The group operates in two modes: «Silveroc Studio», which handles projects in-house, and «Silveroc 360», which brings in internationally renowned architects.

Jeannet notes that Latvia lacks truly luxury-grade buildings. While there are expensive projects, their execution is often mediocre due to poor coordination. Wealthy local clients still hire each contractor separately, leading to inefficiencies.

He predicts that Riga will attract more five-star hotels and wealthy international visitors in the future, raising demand for higher standards. Latvian designers and architects still lack experience with international hotel chain requirements—for instance, the detailed specifications needed for a five-star property.

As a positive Latvian example, Jeannet mentions «Ziedlejas», a wellness complex with outstanding architecture that offers what he calls a luxury experience. He emphasizes that luxury in hospitality is not about expensive materials but about the experience—how guests are welcomed, the atmosphere, and the service.

«Silveroc» began operations in Latvia only this year and is in talks about potential projects, though specific details remain confidential. The company plans to hire a managing director for its Riga office and continue expansion.