SWEDEN. Swedavia is selling a future hotel property at Stockholm Arlanda Airport to a company owned by Wenaasgruppen and O.G. Ottersland.

The transaction is valued at just over SEK1.3 billion (US$154.5 million).

An architect’s rendering of the future hotel at Stockholm Arlanda Airport, which will be completed in late 2019

The 20,000sq m hotel is scheduled to be completed in late 2019 and is located immediately adjacent to Sky City, which features a range of shops and restaurants. It will become the largest airport hotel in the Nordic countries.

Nordic Choice Hotels will operate the new hotel under its Comfort brand on a 20-year lease. The property will feature 503 rooms as well as bars and restaurants over 14 storeys.

Swedavia said the sale was in line with its strategy to create and realise value in order to further invest in the airport’s competitiveness. It is building an ‘Airport City’ district around Stockholm Arlanda, offering a variety of facilities and transport links.

“Stockholm Arlanda Airport is growing rapidly,” said Swedavia President and CEO Jonas Abrahamsson. “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 travellers and families in the affordable luxury segment, is being built.”

Swedavia Real Estate Chief Executive Karl Wistrand commented: “The property really meets investors’ demands – that is, it will be delivered turn-key, fully leased on long leases. With this sale, we create scope for more value-creating investments at Stockholm Arlanda.”

Wenaasgruppen owns 24 hotels and its total property portfolio is valued at about NOK19 billion (US$2.3 billion). O. G. Ottersland owns hotel, office and shopping centre properties and its property portfolio is valued at NOK4 billion (US$480.3 million) and includes 138,000sq m of leasable space. The company already owns two airport hotels at Oslo Gardemoen Airport.