CapMan Real Estate and Scandic Revitalize Historic Hotel Laajavuori with Sustainable, High-Tech Renovation

Scandic Hotels

(IN BRIEF) CapMan Real Estate and Scandic are jointly undertaking a major renovation of Hotel Laajavuori in Jyväskylä, Finland, with the project focused on modernizing the historic 24,000 square metre property. Key improvements include significant enhancements to energy efficiency, room and public space renovations, and the integration of a new geothermal heating system—implemented by LeaseGreen and financed by Heatly—that will cover the hotel’s heating and cooling requirements. The project, which necessitates a temporary closure starting March 10th and lasting until January 2026 (with guest re-openings beginning on June 26th, 2025), will also increase the room count from 196 to 198 and upgrade the building’s energy class from E to B. The refurbishment aims to preserve the hotel’s iconic brutalist architecture while introducing state-of-the-art sustainable technologies. CapMan, which has owned the property since 2008, continues to invest in its long-term value as part of the CapMan Hotels II fund portfolio. Comments from project leaders highlight the focus on sustainability, modern functionality, and enhancing the overall guest experience, ensuring the hotel remains a top destination for a diverse clientele.

(PRESS RELEASE) HELSINKI, 18-Mar-2025 — /EuropaWire/ — CapMan Real Estate, in partnership with Scandic, is embarking on an extensive renovation of the historic Hotel Laajavuori in Jyväskylä, Finland. This ambitious project aims to modernize the 24,000 square metre property by drastically enhancing its energy efficiency, updating guest rooms and public spaces, and integrating a large-scale geothermal heating system. The geothermal system, designed and implemented by LeaseGreen with financing support from Heatly, is a cornerstone of the renovation, ensuring the hotel meets its post-renovation heating and cooling needs.

The comprehensive refurbishment began on March 10th, with the hotel temporarily closed to allow for major works, and is scheduled for completion by January 2026. However, guests will be welcomed back as early as June 26th, 2025. Originally opened in 1969 and later expanded in the mid-1970s, Hotel Laajavuori is an iconic structure featuring brutalist concrete architecture that is now protected. CapMan acquired the property in 2008, with a further expansion taking place at that time.

A central element of this renovation is the installation of a cutting-edge geothermal heating project. Up to 67 ground source heat wells will be drilled to supply an estimated 2,686 MWh of heating energy annually post-renovation, along with supplementary cooling energy. This initiative, alongside upgrades to the hotel’s ventilation and building automation systems, as well as the replacement of lighting and windows, is set to reduce the property’s heating energy consumption by approximately 1,500 MWh, thereby upgrading its energy classification from E to B. Additionally, guest rooms will be outfitted with individual cooling systems to enhance comfort.

Elias Salla, Asset Manager at CapMan Real Estate responsible for the project, commented, “Our goal is to bring Hotel Laajavuori into the modern era in terms of both building technology and functionality while preserving its original character. The significant reduction in energy consumption, combined with our new geothermal solution, is a testament to our commitment to sustainability and efficiency.”

Janne Pälvimäki, Hotel Manager of Scandic Laajavuori, added, “Our guests range from families and conference attendees to business travelers, and even local residents who enjoy our spa and restaurant services. We are confident that the updated resort ambiance, diverse amenities including our spas and bowling alleys, and the hotel’s proximity to natural outdoor attractions will be highly appreciated by everyone.”

In addition to these major improvements, the renovation will see updates across all rooms and public areas, with the total number of rooms increasing from 196 to 198. The room designs are being managed by architectural firm Doos, while Design Agency Fyra is responsible for the overall design of the public spaces.

CapMan Real Estate originally invested in Hotel Laajavuori in 2008, and in 2018 the hotel transitioned to Scandic’s operation. The property is an integral component of the CapMan Hotels II fund portfolio, reinforcing its long-term value and commitment to excellence.

For more information, please contact:

Elias Salla, Asset Manager, CapMan Real Estate, +358 44 301 0098

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C target and our commitment to net zero greenhouse gas emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.www.capman.com

SOURCE: CapMan