Sweden-based airport operator and real estate developer Swedavia sold what is set to be the largest hotel in the Nordic countries to a subsidiary of Wenaasgruppen and O.G. Ottersland for more than $154.5 million. Set for completion in late 2019, the future Comfort-brand hotel at Stockholm Arlanda Airport will be managed by Nordic Choice Hotels on a 20-year lease.
The 14-story hotel with 503 guestrooms will be next to the restaurants and shops in Sky City. The sale of the 215,278-square-foot property will be part of Airport City district, which is currently in development surrounding Stockholm Arlanda Airport. These new developments are part of Swedavia's plan to increase Stockholm Arlanda's value and boost its competitive edge while funding other airport projects.
The new hotel is also intended to meet the growing number passenger of passengers to Stockholm and the demand for accommodation in the city. “Stockholm Arlanda Airport is growing rapidly,” Jonas Abrahamsson, president and CEO of Swedavia, said in a statement. “Since 2010, passenger growth is up 56 percent, from 16 to more than 24 million passengers a year. Since 2013, Stockholm Arlanda has added 19 new intercontinental air links.”
Cushman & Wakefield and the law firm Skierfe Advokatfirma advised Swedavia on the sale, while Pareto Securities and the law firm MAQS Advokatbyrå advised Wenaasgruppen and O.G. Ottersland on their purchase.
Wenaasgruppen's current hotel inventory totals 24 and is part of a property portfolio worth approximately $2.3 billion. Meanwhile, the future Comfort hotel's secondary owner, O.G. Ottersland, owns a portfolio of hotels, offices and shopping centers worth $480.3 million. Two of O.G. Ottersland's airport hotels are at Oslo Gardemoen Airport.