Four prestigious properties will become a unique luxury hotel – Raksystems Responsible for The Hotel Maria’s TDD and Monitoring in Construction Project
On December 15, 2023, the international luxury hotel, The Hotel Maria, opened in Helsinki’s Kruununhaka. The hotel complex is situated in historically significant properties built between 1885 and 1930. Raksystems’ role has been to act as the technical due diligence and monitoring representative for Cheyne Capital, the investment company that financed the project. Samla Capital serves as the project developer.
Hotel Completion in Two Phases
The hotel project originated in 2020 when Samla Capital acquired the properties from the bankruptcy estate of ICON Corporation Oy. Cheyne Capital, a leading investment company focusing on corporate and real estate assets, provided the funding for the project.
The hotel comprises four buildings with a total floor area of 14,200 square meters. While there are no external changes to the buildings’ appearance during renovation, the interiors have undergone comprehensive modernization.
The project consists of two phases. The first phase, completed in 2023, included the renovation of the building facing Mariankatu and the central building, along with the courtyard area. The second phase involves the interior work of the buildings facing Liisankatu and Maneesikatu, scheduled for completion in the summer of 2024. FIRA serves as the main contractor for the project.
Through Raksystems’ technical due diligence inspection, Cheyne Capital gained valuable and objective information about the condition of the buildings and their surroundings. Monitoring ensures that the renovation is carried out according to the agreed-upon plan from start to finish.
Impressive Luxury Hotel as the End Result
Upon completion, The Hotel Maria will feature 117 luxurious rooms, including 38 suites. Additionally, the hotel will house two restaurants, two bars, a spa, a fitness center, a banquet hall, and a chapel.
The hotel’s high quality is affirmed by the international Preferred Hotels & Resorts Legend Collection brand, granted only to the world’s finest hotels. The Hotel Maria is the first Finnish hotel to receive this distinction.
In the scale of Finland, this project is unique, and it has been a pleasure to be involved,” says Serge Skorin, head of the condition assessment department, responsible for the project’s TDD inspections.