landvetter, Gothenburg, scandic, hotel, airport, property, sale, sell, Midstar
Scandic Hotels

Swedavia raises cash with Gothenburg hotel property sale

The sale of the Scandic at Gothenburg Landvetter Airport will raise €13.65 million for future reinvestment.

Swedish airport operator Swedavia says it will sell the property where a Scandic hotel is now under construction at Gothenburg Landvetter Airport to the Swedish asset management company Midstar Fastigheter.

The hotel, which is expected to open in late 2020 or early 2021, is located immediately adjacent to the airport terminal and a future railway station. With about 10,000 m2 of space on seven floors, it will have 222 rooms, conference facilities, restaurant, gym and relaxation facilities.

Swedavia says it will reinvest the estimated SEK 140 million (€13.65 million) capital gain from the sale, expected to come through in the first quarter of 2021, in the further competitiveness of the company’s airports.

Handling growth
The hotel is part of ongoing development of the area surrounding the terminal, which “will provide good transport links, a new hotel, services, co-working office spaces and other facilities now taking shape around the airport”, Swedavia says. Scandic will operate the hotel under a 20-year lease.

“Göteborg Landvetter Airport is growing rapidly and in order to handle this growth and the increased need for accommodation options, this hotel is being built,” explains Jonas Abrahamsson, president and CEO of Swedavia.

“The sale to Midstar is fully in line with our strategy and it creates scope for more value-creating investments at our airports.”

Midstar Hotels was formed in April 2015 in partnership with the insurance companies Alecta, Kåpan and PRI Pensionsgaranti and the Bank of Sweden Tercentenary Foundation. Today it owns 23 hotels with a total of 3,241 rooms, including nine in Norway, two in Denmark and twelve in Sweden.

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