According to local media, the hotel was taken over by Swedbank and closed down. Lets hope it will reopen soon under a new ownership.

I have stayed at this hotel a couple of times now, during working trips to Latvia. It is definitely the best hotel i have stayed at in Latvia, the other two being dark dingy places. This hotel reminds me of modern Dutch style hotels.
The location is very convenient for the airport. I hired a car at the airport and followed the road signs for the centre. The hotel is only ten minuets drive from the airport, although the hotel is on the opposite side of the road when you get there and you have to make a tricky U turn on the carriage way or carry on to the next junction and turn around. There is a petrol station next door to the hotel, which is handy when returning the car.
The hotel is a nice modern clean design with under ground parking available at an extra 7 Euro a night, although i parked on the street with no problems.
My twin room was 50 Euro a night, which didn't seem bad value as this included breakfast and free easy access wifi internet connection in the room.
The room it self was roomy, clean and comfortable with a nice bathroom with good power shower and air-conditioning in the room.
The room also had a nice flat screen television with a variety of channels, including CCN and BBC world, there were also pay for view options.
The mini bar items did seem a little expensive, but this is pretty normal I suppose.
The breakfast in the morning was a buffet affair, with a wide variety of food including salads, veg, fish, fruit and bacon and eggs, to suit any diet. it was all very well presented, and there was a bright and friendly greeting from the staff.
There was a pleasant open plan bar, where you could get drinks and bar food very late if wanted, it also served the restaurant full menu in this area if required.The restaurant menu might seem a little fussy for some, but actually the food was excellent and well worth a try, especially the Chile glazed salmon and wild rice, which was perfect.
The hotel staff on the whole were very helpful and friendly.

The Elephant is a modern hotel about half way between the airport and the city center. It overlooks a main road and I found it quite noisy at night.
Riga is a beutiful, small, but a bit run down city. From the Elephant you can take a bus (22 or 53) to the historical center, it's about a 10 min drive. Bus tickets can be bought at the driver 0.7 lats or at a news kiosk for 0.5 lats. The historical center is pretty small and can be walked across in about 30 min if you don't stop at any of the museum. I ate lunch at the Lido altus in the city center, good food for a good price, buffet style. I was a bit surprised how expensive things are there. Souvenirs to buy: amber, Laima chocolates and Black Balzam 45% proof herbal liquer. If you want to buy Balzam at the airport don't buy it at the first shop you see, prices vary and you can save a lot if you look around.

The Elefant Hotel is a very reasonably priced hotel near the airport. Very clean, very good service. The only negative - it's not near Riga's Old Town. I highly recommend the hotel to travelers looking to stay near the airport, or to traveler's with transportation/willing to use public transportation.