Several Finnish media outlets reported on Saturday, February 8, 2025, that The Hotel Maria is facing a forced sale. The sale, expected to take place on Monday, February 10, 2025, will result in investors losing all the capital they had invested. This information is based on reports from the Finnish News Agency (STT). The hotel’s largest lender, Cheyne Capital, a foreign financial institution specializing in real estate debt funds, is pushing for the sale, and negotiations are underway to finalize an agreement by Monday. If the deal goes through, investors are expected to lose their entire investment in the hotel fund.
According to STT, an alternative to the sale is refinancing the loan, which would require additional investments of approximately 10–12 million euros. Samla Capital has suggested in communications that reinvesting at an interest rate of 12–15 percent would be the best option. However, securing a new loan would also require the approval of a majority of the investors.
The Hotel Maria, a luxury hotel project in Helsinki, was distinct from its Finnish competitors primarily due to its room count and design. Despite the property’s expansive 14,200 square meters, only slightly over 100 rooms were planned, whereas a traditional hotel of this size could accommodate more than 200 rooms. The hotel cater to high-end international luxury travelers, featuring large room sizes averaging 43 square meters, with the largest suite spanning 160 square meters.
At the end of 2023, the hotel fund had 40 investors, with the largest external investments exceeding one million euros. Among the major investors were the Finnish Trade Union Pro and The Research Foundation of the Pulmonary Diseases..
In addition to the hotel fund, two other funds managed by the real estate investment company Samla Capital were involved in the project: the residential investment fund Samla Asunnot and the commercial property investment fund Samla Toimitilat II. However, Samla Asunnot had marketed its fund differently to investors, initially emphasizing a focus on rental apartments in cities with over 50,000 residents and residential development projects in growth centers. Despite these claims, a significant portion of the fund’s capital had already been directed toward the luxury hotel project. Similarly, Samla Toimitilat II had more than half of its capital invested in the same hotel project.
Based on various media sources, the total reported investment in The Hotel Maria exceeded 130 million euros. However, an independent valuation placed the hotel’s market value at approximately 109 million euros. With debts exceeding 111 million euros, the remaining value of investor contributions was effectively reduced to zero.
The property was acquired by funds managed by Samla Capital in the summer of 2020 for 13.6 million euros, at the height of the COVID-19 pandemic. The buildings, located in a block bordered by Mariankatu, Maneesikatu, and Liisankatu, date back to 1885–1930.
Cheyne Capital, the hotel’s primary lender, is a UK-based alternative asset manager specializing in real estate debt financing. The firm provides capital to high-value real estate projects across Europe and has played a key role in financing luxury developments.