Norwegian hotel property investor Wenaasgruppen has acquired the largest hotel in Denmark for a reported €260 mln.
Family-owned Wenaasgruppen purchased the 23-storey AC Hotel Bella Sky Copenhagen in a sale-and-leaseback transaction from Danish private equity firm Solstra Investments.
Solstra will continue to operate the hotel under a franchise agreement with Marriott International. JLL worked with Danish firm Sadolin & Albæk to advise the vendor in the sales process.
The four-star design hotel is Denmark's largest hotel and Europe's largest Marriott branded hotel. Located in the rapidly developing area of Ørestad, the property is visited by some 215,000 guests annually and contains 812 guest rooms and 30 conference rooms.
The financial details of the transaction were not disclosed, but Danish broadcaster TV2 reported that the price was DKK 1.92 bn (€260 mln).
Will Duffey, executive vice president of the hotels and hospitality group at JLL, said: 'This is a landmark deal for the Danish hotel investment market which continues to see strong demand from new types of international investors looking for secure, stable returns.
'Denmark's strong, transparent economy, political stability and AAA credit rating make it a safe haven investment destination. This iconic Copenhagen landmark was very well received by international capital and we are happy to have been able to secure the best deal to help our client achieve their investment objectives.'
Wenaasgruppen is one of the largest hotel property companies in Scandinavia, with a portfolio of 24 hotel properties, 10,407 rooms that generate a total annual leasing revenue of over NOK 1 bn (€100 mln).
The additional AC Hotel Bella Sky lifts Wenaasgruppen's holdings in the Danish capital to four. Its other assets in the city are Radisson Blu Scandinavia Hotel, Park Inn by Radisson Copenhagen Airport Hotel and Radisson Blu Royal Hotel.
The company also focuses on Alpine ski resorts located in major recreational housing areas or close to densely populated areas.
