Pangea adviser to Nordic Choice/Strawberry Fields when entering a long-term partnership with CPH Copenhagen Airport including two major hotel establishments.
Last week, it was announced that the existing Hilton hotel at Copenhagen Airport will be taken over by Nordic Choice and branded as a Clarion Hotel. The well-established high-end hotel has 382 rooms and will undergo an extensive upgrade. In addition, a brand new 500-room Comfort hotel with 3,000 sqm of modern conference facilities will be built alongside the existing hotel. The construction cost is estimated to DKK 800m and the hotel and conference centre is scheduled to be ready for use in 2020.
Nordic Choice will operate both hotels and Petter Stordalen’s property company Strawberry Fields will own 40% of the joint venture property company. Nordic Choice will also be the preferred long-term partner to CPH Copenhagen Airport in any other hotel establishment within the airport area. The parties have agreed on a 33-year lease agreement.
Pangea Property Partners was exclusive adviser to Nordic Choice/Strawberry Fields in the transaction. Both companies are owned by Petter Stordalen, making it a truly pan-Nordic hotel deal.
Copenhagen Airport is the largest Nordic airport with 165 direct international routes and 29 million passengers in 2016. The airport is currently undergoing a massive DKK 20bn expansion to create capacity for 40 million passengers a year.