Alma Property Partners (“Alma”) and Midstar have entered into an agreement through a joint venture to acquire a portfolio of five hotels with a total of 928 rooms from Pandox. Four of the hotels are in Greater Copenhagen, while the fifth is in Kolding.
The hotel portfolio comprises Motel One Copenhagen, Scandic Sluseholmen, Scandic Hvidovre, Scandic Glostrup and Scandic Kolding, with a total lettable area of approximately 46,000 square meters. The hotels are fully let to Scandic and Motel One on long-term leases and cater to both leisure and business travellers.
Alma and Midstar will work with the hotel operators to further develop the properties through targeted investments. The investment is being made through Alma’s fourth diversified value-add real estate fund, Alma IV, with Midstar as co-investor and responsible for ongoing asset management.
Source: press release sent 22nd of October