German investor and developer ECE has aacquired an office building in Copenhagen with a view to converting the asset into a hotel.
The property has been acquired by ECE Work + Live and is situated on Gammel Kongevej, a commercial street in the independent Frederiksberg district, west of the city centre. According to ECE, it stands in a district characterised by premium residential, retail offerings and a green surrounding.
ECE acquired the plot of land with the former office building from TPG Angelo Gordon. ECE will invest a total of around €65 mln in the project.
The plans provide for a modern design hotel with around 210 rooms on a gross floor area of around 7,600 m2.
'With this planned hotel project in Copenhagen, we are precisely pursuing our long-term hotel development strategy, which focuses on attractive locations in dynamic European cities and, increasingly, the conversion of existing buildings,' said Torsten Kuttig, director hotel development at ECE Work + Live.
The hotel operator has not yet been determined, but planning coordination and negotiations for a contract with well-known hotel operators are already well advanced.
At the same time, a project-related development plan is in the works, and is under discussion with Frederiksberg Municipality, which is a necessary procedure to facilitate the change of use.
In addition, accompanying separate plannings of the city also envisage the improvement of the public space in the surrounding neighborhood. Once the planning requirements have been set, construction is to begin and scheduled for the second half of 2025, with the hotel being completed by the beginning of 2027.
The acquisition was supported and accompanied by the Danish branch of the consultant Robert C. Spies, Copenhagen-based developer Oskar Jensen Development, which will also be involved in the development process as a service developer, and the law firm Kromann Reumert, also based in Copenhagen.
The announcement follows ECE's work on another office to hotel conversion in the city of Rome.
