SRV and Balder have signed an agreement concerning the sale and completion of the Torihotelli project in central Oulu. Construction will resume in autumn 2025, and the hotel is expected to open in summer 2026. The transaction depends on amendments to land lease agreements, based on a preliminary decision made by the City of Oulu on June 9, 2025. Torihotelli was originally expected to be completed in 2019.
After the bankruptcy of the original developer, Kiinteistö Oy Oulun Torihotelli, SRV—acting as both the contractor and main creditor of the bankruptcy estate—continued to manage and develop the site during the construction break. With Balder now joining as the new investor, the project is moving forward once the required agreements are signed.
The completed building will house a 144-room Scandic Go hotel, offering modern accommodation in a central location. It will also feature a 1,800 m² restaurant and event venue operated by local firm 2 Fam Group Oy.
Construction will take around nine months. The building’s frame, roof, and exterior walls are already in place, and the next stage will focus on finishing the interiors for hotel and restaurant use. Heating and temporary ventilation have been maintained throughout the break to preserve the structure.