Entra Acquires Oslo Hotel

Main Photo: The Hotel Savoy, Oslo

Date: August 2021

Name: Hotel Savoy

Location: Tullin Quarter, Oslo, Norway

Number of Keys: 93

Seller: The Stordalen company Strawberry….Petter Stordalen also owns Nordic Choice Hotels.

Buyer: Entra will acquire Hotel Savoy located in the Tullin quarter in Oslo for NOK 185 million. The property has a central and attractive location in the middle of Entra’s property portfolio at Tullin and is an important part of the product mix in the cluster. Hotel Savoy is an historical hotel with a strong brand totaling 5,550 sqm and 93 rooms. The hotel is operated by Nordic Choice Hotels.

Entra is one of Norway’s leading real estate companies. They offer environmentally leading and flexible office buildings with a central location and high quality. Entra’s business concept is to develop, rent out and manage attractive and environmentally leading premises, as well as exercise active portfolio management with the purchase and sale of properties.

The company’s business strategy is to be a leader in customer-perceived quality, deliver profitable growth and to be an environmental leader in the industry. Entra’s strategic focus areas are Oslo and the surrounding area, Bergen, Stavanger and Trondheim.

Construction accounts for about 40 percent of the world’s energy consumption. By reducing energy consumption, the industry can go from being a big part of the challenge to becoming part of the solution.

They currently have 66,500 sqm of office and conference facilities under development here as well as a 23,000 sqm university building finalised in 2019. The hotel has a development potential, and they see significant synergies from product bundling and cross-marketing with our other concepts in the area, says CEO Sonja Horn.

Pangea Property Partners was the advisor to Entra.

Price: NOK 185m – €17,653,241

Price per Key: NOK 1,989 – €190k

THPT Comment: The Nordics seem to be leading the way in eco-green-sustainable hotel development, for which we applaud them.

First Seen: Norway Today

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