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Swedavia sells newest hotel to generate funds for future developments

Swedish airport operator Swedavia has sold its new 500-room Sky City hotel to generate funds for further developments at the airport. The hotel, to be completed in late 2019, is spread over 20,000m2 (215,000ft2) and 14 floors, making it the largest airport hotel in the Nordic countries. It is being built next to the airport’s Sky City commercial development, which boasts more than 20 restaurants and retail outlets, and is open to the public as well as passengers.

The property is being sold to a Swedish limited company set up by Pareto Securities and owned by Wenaasgruppen and OG Ottersland. Nordic Choice Hotels will operate the hotel under its Comfort brand on a 20-year lease. The transaction is being carried out at an underlying value of just over SEK1.3bn (US$154m). The capital gain is estimated to be about SEK350m (US$42m).

Jonas Abrahamsson, president and CEO of Swedavia, said, “Stockholm Arlanda Airport is growing rapidly. Since 2010, passenger growth is up 56%, from 16 to more than 24 million passengers a year. Since 2013, Stockholm Arlanda has added 19 new intercontinental air links. To meet this growth and the increased need for accommodation options, this hotel, which mostly targets leisure travelers and families in the affordable luxury segment, is being built.”

Karl Wistrand, chief executive of Swedavia Real Estate, said, “The property really meets investors’ demands – that is, it will be delivered turnkey, fully leased on long leases. With this sale, we create scope for more value-creating investments at Stockholm Arlanda. The deal is fully in line with our long-term strategy, and I am pleased that we can now continue the development of Stockholm Arlanda with new projects.”

Written by Daniel Symonds

December 15, 2017


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