Christie + Co, acting on behalf of owners BMZ Invest and Ultivista, has secured Marriott International to operate a 17-storey, 272-bedroom hotel in Finland, which will become the hotel company's first property in the country, when it opens in 2013.
Christie + Co, acting on behalf of owners BMZ Invest and Ultivista, has secured Marriott International to operate a 17-storey, 272-bedroom hotel in Finland, which will become the hotel company's first property in the country, when it opens in 2013.
Christie + Co was mandated to conduct a feasibility study on the project in late 2008. Based on the results, Christie + Co was then commissioned to conduct an operator search and selection process, which generated interest from a dozen major companies, and led to Scandinavia Hospitality Management (SHM) being selected as the preferred operator.
SHM is a Norway-based hotel operating company that holds a Master Development Agreement with Marriott International.
The owner of the project is Ultivista, a privately-owned, mid-size real estate investment and development company with a EUR 170 mln portfolio of hotels, offices, shopping centres and warehouses. SHM and Ultivista have signed a long-term lease to operate the 272-room Marriott hotel, which will also feature restaurants and conference facilities plus a small health club with a wellness spa. All parties are currently waiting for planning permission for the hotel, with development work likely to commence this autumn. Estimated development costs are approximately EUR 63 mln.
The hotel, which will be located in a prestigious Westend district of Espoo, Finland's second largest city, will be opened under the Marriott Hotels and Resorts brand.
