Samla Hotels Ky, managed by Samla Capital, carried out The Hotel Maria development project in Kruununhaka, Helsinki. The hotel was completed, opened and received international recognition. The project's costs, financing structure and the start-up of hotel operations nevertheless formed a whole that did not withstand several risks materialising at the same time.
The hotel was sold in 2025. Investors lost the funds they had invested in the project. Samla Hotels Ky filed for bankruptcy in October 2025. Samla Asunnot Ky and Samla Toimitilat II Ky also wrote down their investments related to the hotel.
A financial failure cannot be turned into a success after the fact. It can, however, be learned from. Lessons can be turned into practice.
Samla acquired a historic block of buildings in Kruununhaka, Helsinki, in the summer of 2020.
The hotel concept was completed in December 2021. Design and construction proceeded in stages.
The first phase of the hotel opened in December 2023. The hotel immediately received wide international recognition.
The entire hotel opened in July 2024.
The hotel was sold. Investors lost the funds they had invested in the project. Samla Hotels Ky filed for bankruptcy in October 2025.
The aim was to create in Finland an international luxury-category hotel of a kind the country had not seen before. Luxury travel is a strongly growing segment internationally, and its reference hotels have performed very well. The Hotel Maria was an exceptionally demanding development project: the conversion of a historic block into an international luxury hotel in Kruununhaka, Helsinki. Samla led the design, the construction and a large project team, arranged financing of about €130 million, built the hotel operator's business from start-up onwards and was responsible for the project's contractual framework together with international partners. The property was completed and the hotel opened.
After opening, the hotel received wide international attention. Forbes placed it at the top level in the Nordic countries in its star rating, a level no other Finnish hotel had reached before. Preferred Hotels & Resorts named it the best new city hotel in its chain. Selected press coverage:
At The Hotel Maria, the risks materialised despite the risk management processes, because no process can in itself prevent the effects of the real world on the economics of a project. The experience added a new experiential layer on top of the existing processes and at the same time forced us to develop the work where that is possible. It shows in four areas.
In its investment strategies, Samla Capital gave up development projects and focused on fully let cash-flow properties. Their risk level is lower than in development projects. In completed properties, managing sufficient diversification within a fund is easier than with development projects. The current market situation also supports the focus on cash-flow properties, as there are properties to buy at attractive prices.
According to research, the cost level is the factor that best predicts the return on an investment, which makes cost efficiency extremely important. In early 2026, Samla put the management of its investment properties out to tender and outsourced the management of its commercial properties to Kiinteistötahkola and of Samla Asunnot to Isännöintitalo Virtanen. The funds' other service providers were also put out to tender at the same time. In the same connection, the previous authorisation from the Financial Supervisory Authority changed into a registration, which brings cost savings to investors through lower compliance costs.
Samla has adopted new technology that allows recurring routine administrative processes to be automated. This has made operations more efficient and freed up time in administration for what matters most: investment activity. At the same time, the available market data, property analyses and the capability to run different scenarios have risen to a new level.
Samla's team is adequately resourced and areas of responsibility are precisely divided. Everyone has a designated deputy, and the work does not depend on a single person. Investment in processes and automation has developed our investment decision-making models, stress testing, monitoring of portfolio risks, investor reporting and procedures for crisis situations. This has made us ready to invest in good times and in challenging ones alike.
The debtor's report stated that the fund's administration had been handled appropriately. The causes of the bankruptcy were found to be market risks that materialised at the same time.
Source: the administrator’s debtor’s report of 4 February 2026, bankruptcy estate of Samla Hotels Ky. Covers the fund’s administration in the period before the bankruptcy.
The Financial Supervisory Authority granted Samla Capital registration as an alternative investment fund manager in March 2026. The registration showed that the finances and administration of the parent company have been handled in accordance with the law.
Source: the Financial Supervisory Authority granted registration as an alternative investment fund manager on 3 March 2026. FIN-FSA register of supervised entities (search: Samla Capital).
The auditor issued unqualified reports for all funds.
Source: KPMG’s auditor’s reports for the financial year 2025, all funds.
An external internal audit assessed the finances as appropriately organised.
Source: TietoAkseli Audit Oy’s internal audit reports for the financial year 2025, dated 17 March 2026: financial administration, Samla Toimitilat Ky and Samla Toimitilat II Ky. Engagement dated 18 July 2025.
The hotel's doors have not been closed for a single day. Today the property serves as a Waldorf Astoria, the Helsinki flagship of one of the world's best-known luxury hotel brands. It is among the city's top hotels. Although the project's financial equation collapsed, the property was built to last.
Built to last means to us that the administration of the funds must be visible as the underlying structure behind the properties, one that carries the investments in good times and bad.
The company's story, its operating model and the building blocks of a strong foundation are set out on the About us page.
Samppa Lajunen’s book Kriittinen piste (Otava, 24 September 2026) tells the same events from a personal perspective, alongside the founding of Samla Capital. The book is in Finnish.
The fall in assets under management below EUR 100 million also affected the regulatory status: the company returned from authorisation to registration in 2026.
