Nordic private equity group Sveafastigheter has added its 17th hotel to its Fund III through the acquisition of the 190-room Ibis Stockholm Hägersten from Pandox AB. Financial details were not disclosed.
Nordic private equity group Sveafastigheter has added its 17th hotel to its Fund III through the acquisition of the 190-room Ibis Stockholm Hägersten from Pandox AB. Financial details were not disclosed.
The hotel is located just south of Stockholm near Stockholmsmässan, a premier fair and congress venue.
In 2010 Sveafastigheter Fund III bought Accor’s local operating company, renamed Norse Hotels, as well as 14 hotels. Ibis Malmö and Ibis Nyköping were both acquired during 2011. Sveafastigheter is carrying out the transaction through its joint venture with hotel asset manager Midstar and Cologne-based hotel operating partner Event Holding.
'We are thrilled to complete deals in the current financial climate. A task greatly facilitated by our strong relationship with [bank] DNB who display an in-depth understanding of the hotel industry and our business plan when it comes to financing this type of acquisition,' said Simon de Château, CEO at Sveafastigheter.
The hotel will undergo a comprehensive renovation programme and will be well placed to compete in the market when finished, he added.
