Our database contains records of 30 high end hotel projects underway, representing a collective 6,714 keys.
Capital city Helsinki is far and away the country’s hotel development hub, with at least 18 premium projects on the slate – that’s 60% of this pipeline.
The only other areas with more than a single development are Espoo, right next door to Helsinki, and the northern city of Oulu, both on a minimum of three sites.
In terms of property type, upscale has a clear lead over luxury, with 23 four star hotels as compared to just seven five stars.
Newbuilds are also in the ascendency, with 18 on the way, equivalent to 60% of the pipeline. Refurbishments number six, while conversions and extensions are on three each.
Upper segment hotel deliveries in Finland should currently peak next year, with at least nine due. That rate drops to just two in 2025, but in the mid term, 2026 will see it rise again to seven. Another three are expected by the end of this year, while the remaining nine are either set for further in the future or are yet to be designated a delivery date.
Project phase distribution is fairly even, with 10 sites under construction and three in pre-opening, compared to another 10 in planning, six in pre-planning and one at a vision stage.
The Nordic nation clearly prefers independent sites, with 20 on the books – two thirds of the pipeline.
The only hotel groups with multiple developments are local entities Sokos Hotels and Strawberry (formerly Nordic Choice Hotels) on a minimum of four and three sites, respectively. Break by Sokos Hotels is the sole individual brand with more than one Finnish project underway, with two on the slate.
Ones to watch
Another regional group, Scandic Hotels, has a high end site in mind for Helsinki, Scandic Garden Helsinki. The 227-key property will be part of Garden Helsinki, a new multi-functional event arena, when it arrives in 2028.
One of the largest planned projects is Strawberry’s Clarion Hotel Helsinki Vantaa, delivering 502 keys in Q1 2024 within a 13-storey building complex.