YIT agrees with LähiTapiola to build new hotel in Turku, Finland
May 10, 2019 – Construction firm YIT has signed a project management contract worth approximately €43m with LähiTapiola for a new hotel in Turku, Finland.
The project involves the demolition of a Hamburger Börs hotel property, which was built in the 1970s, and the construction of a new hotel.
YIT vice-president Jukka Lämsä said: “It is great to participate in reshaping the cityscape of Turku in such a central location. The more than 100 years of Hamburger Börs’ history will be respected also in the new property.
“The realisation of the project requires careful planning as the construction site is located right in the heart of Turku.”
The project, which is scheduled to commence in summer 2019, will be completed in autumn 2021.
The contract, which will be entered in the order backlog for the year’s second quarter, will be effective with the demolition work of the old Hamburger Börs property.
Scandic Hotels will be the operator of the new hotel, architecture of which will respect the history of Turku Market Square.
LähiTapiola Real Estate Asset Management real estate investment director Vesa Eskoli said: “The property is being developed in co-operation with YIT and Scandic.
“The development project is made possible by YIT’s strong professional skills as a developer of construction projects and Scandic’s strong expertise in operating large center hotels. We will restore Hamburger Börs to its historical value.”
Last month, YIT said it has commenced constriction on several apartment building projects in Finland.
The projects include €20m Oulun Asemantorni 2 located in central Oulu, in the immediate vicinity of the railway station; and the €15m Espoon Peurapuisto located in the Sepänkylä district of Espoo, with good transport connections.
Other projects include €15m Turun Suntiontorni located in Turku’s Nummi district, in the immediate vicinity of the University, University Hospital and Kupittaa’s technology district, as well as the €15m Kauniaisten Herttua project to be built near the Koivuhovi train station, in a new residential block.
YIT is engaged in developing and building apartments and living services, business premises and entire areas.