Skanska has signed a contract with Helsinki developer Ylva to turn three historic buildings in the Finnish capital into a high-end Hyatt hotel.
It said the contract is worth €47m, which will be included in the Nordic order bookings for the second quarter of 2021.Â
Hyatt first announced the 224-room Grand Hansa Hotel before the pandemic in December 2019, saying it would be the first of its "The Unbound Collection by Hyatt" property in the Nordics.
Skanska’s renovation will include building a new entrance and creating a large ground-floor space for food, beverage and conference facilities while retaining the faÃ§ades, the oldest of which dates to 1910.
The total area of the Grand Hansa will be some about 21,000 sq m, Skanska said.
It was originally expected to open in 2022, but Skanska said it is now scheduled for completion in the second quarter of 2023, with work starting next month.
With interests in commercial real estate and housing, Ylva is owned by the Student Union of the University of Helsinki.
Image: Skanska will retain the faÃ§ades, the oldest of which dates to 1910 (Courtesy of Skanska)