Forenom acquires the HotelHome business from SATO Group.
A fast-growing corporate accommodation provider that recently signed a deal with Airbnb has now concluded a purchase agreement that brings it one step closer to its goal of being the leading apartment provider in the Nordic countries.
Forenom, which was founded in Helsinki in 2001 and has since opened offices in Sweden (2009), Norway (2014) and Denmark (2015), accommodates over 90,000 travellers each year. It will now buy the Finnish group SATO’s subsidiary HotelHome, effective from of February 1.
Forenom says the transaction provides it with new locations in areas of high demand and strengthens its position in the Nordic countries.
The deal will boost Forenom’s portfolio of 5,000 furnished apartments, particularly in Helsinki and in areas where the demand for high-quality housing exceeds supply.
The 195 apartments transferred to Forenom in the deal are mainly located in the Helsinki districts of Kamppi and Kruununhaka. Others are situated in the wider Uusimaa region, such as along the metro line in Tapiola, Espoo.
Now on Airbnb
Forenom started as an operator of hostels in Finland but soon moved into apartments and aparthotels. Besides its serviced aparthotels across Finland and in Stockholm, others will open in 2018 on Lakkegata in Oslo in July and in Turku and in Vantaa this spring.
The company, which also serves individual tourists alongside its corporate clients, recently landed a deal with online hospitality marketplace Airbnb.
Forenom initially considered Airbnb a direct competitor. Now, however, all of its apartments are now listed on Airbnb together with a handpicked selection from its aparthotels and hostels, something Forenom describes as “beneficial to both sides”.