Starwood Capital Acquires the Skt Petri Hotel in Copenhagen

Main Photo: The Skt Petri Hotel

Date: February 2021

Location: Central Copenhagen, Denmark

Name: Skt. Petri Hotel

No. of Keys: 288

Seller: Strawberry Forever, a real estate company which owns and manages commercial property worth NOK 6.2bn (€520m). They invest in high-quality real estate with a prime location in major cities and capitals in the Nordic region. The hotel was originally department store. Petter Stordalen owns Nordic Choice hotels, with some 200 hotels.

Buyer: Starwood Capital Group, a global private investment firm focused on real estate and energy investments, announced that a controlled affiliate has acquired the Skt. Petri hotel in Copenhagen for an undisclosed sum.

Located in the heart of Copenhagen, the Skt. Petri has 288 rooms and was voted the #1 hotel in Northern Europe by Condé Nast in 2020. As part of the transaction, Starwood Capital is also acquiring 50k sqf of leisure and retail space located on the ground floor of the hotel.

Alongside the acquisition, Starwood Capital and Strawberry Forever intend to work together to pursue future hotel investments across the Nordics, drawing upon both parties’ hospitality experience and track records in hotel investing. As part of this relationship, Strawberry Hospitality Group will continue to operate the Skt. Petri while Starwood Capital plans for are development of the hotel.

Timothy Abram, Vice President at Starwood Capital, said: “We are delighted to announce the acquisition of the Skt. Petri, which will be Starwood’s first real estate acquisition in Denmark, and look forward to announcing our future plans for the hotel in due course. We are also very excited to explore future acquisitions together with Petter Stordalen given his unique hospitality track record in the Nordics.”

Petter A. Stordalen, owner of Strawberry Forever, said: “This transaction marks the beginning of a relationship between Strawberry and Starwood Capital, the world’s leading hotel investor. In a post-corona world, we see numerous possibilities together as the hospitality industry recovers. Maybe it is telling that our first move together will be one of the largest European hotel transactions of 2021.”

Arctic Securities and Bech Bruun acted for Strawberry Forever on the sale. Nordic Hotel Consulting, Paul Hastings and Accura advised Starwood Capital on the acquisition.

THPT Comment: Interesting new partnership between the two companies…Look forward to their expansion in the Nordics.

First Seen: My News Desk

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