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A modern city hotel to be built in Ruoholahti, Helsinki

Monday, March 15, 2004 - 09:45

Restel Consolidated, SRV Viitoset Ltd and Kemira Group Plc have decided to cooperate on a hotel project in Ruoholahti, Helsinki. A 250-room hotel, designed to fit into the modern cityscape, will be built on the north side of the headquarters of Kemira Group Plc. Construction work is meant to start during the spring and the process of applying for a building permit is under way.

In order for the project to go ahead the city officials have to agree to the land lease arrangements involved. The hotel is to be ready to welcome guests for the IAAF World Championships in the summer of 2005.

Restel Consolidated is both the future proprietor and the main investor during the construction phase. Restel will invest about 30 million euros altogether in the project. Kemira Group Plc will participate in the venture by returning to Helsinki city control an area on lease from the city on the north end of its plot. Kemira has also agreed to help with the formalities such as obtaining the building permit and changing the building plan. SRV Viitoset Ltd will function as the authorised representative of Kemira Group Plc and Restel Consolidated towards the city of Helsinki, lead the design and carry out the construction work.

The design of the hotel, to be built next to Kemira Group Plc's headquarters, is the handiwork of architects fromGullischsen & Vormala. The property will be built over 10 floors with a surface area of about 11000m2. The ground floor will include the reception, a restaurant and the rest of the service facilities. The rooms will be on floors 2-9 with the underground floor reserved for parking and maintenance use.

Restel Consolidated is Finland's largest hotel and restaurant company with 40 hotels in Finland under four brands; Cumulus, Rantasipi, Ramada and Holiday Inn. As well as the hotel to be built in Ruoholahti, Restel is looking forward to increasing the number of its hotels and brands with the Crowne Plaza hotel to be opened in Helsinki at the turn of the year 2004-2005.

For more information:

Restel Consolidated, Chief Executive Officer, Ralf Sandström, +358 9 733 5300

SRV Viitoset Ltd, Managing Director Juha Pekka Ojala, +358 201 455 501

Kemira Group Plc, Vice President Group Communications, Timo Leppä, +358 10 862 1700

City of Helsinki Real Estate Department, Deputy Head of Department Juhani Tuuttila, +358 9 169 3284

For picturesof the project: www.restel.fi/images>Ruoholahden hotelliprojekti