Independent real estate investment and asset manager Ogilvy Capital has acquired a prime hotel in central Copenhagen in a structured deal.
Financial details were not disclosed.
According to Ogilvy, Herman K is an iconic design hotel in the centre of Copenhagen with 31 keys plus a restaurant, bar, lounge and terrace with 180 covers.
The firm said it was assuming control of the property immediately, with completion of the acquisition once the property’s performance stabilises.
In partnership with Marriott International, Ogilvy Capital will focus restarting operations at the property in tandem with the re-opening of the broader economy in Denmark, Europe, and the rest of the world.
Under a new flag and with a new Food & Beverage offering, Ogilvy said it planned to transform the hotel into a '24/7
stay-and-play destination', positioning the property as a leading hotel in the Copenhagen hospitality submarket.
Mads Loewe, Ogilvy's managing director, said: 'While the Covid-19 crisis has been particularly painful to the hospitality industry, it is also bringing opportunities to acquire prime assets with strong fundamentals that otherwise would not have been on the market.
'This property is ideally suited for a post-Corona world where a greater share of guests will be local and leisure guests, and the crisis has given us the chance to reimagine it as a multi-use property going beyond just a hotel and restaurant.'
Ogilvy was represented by Lundgrens as legal counsel.
