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Sveafastigheter signs agreement with Ligula as operator for hotel portfolio

Investments, Press Release

Sveafastigheter Fund III (”Sveafastigheter”) has signed an agreement with Ligula Hospitality Group (“Ligula”) regarding leases and operations of all hotels in the Norse Hospitality portfolio.

The portfolio embraces 13 hotel operations with a total of 1,353 rooms. Sveafastigheter acquired the main part of the portfolio from Accor Hotels in 2010, as the first investment in Sveafastigheter Fund III. At the time, the transaction included both the hotel properties and the operating company. Initially, Ligula will handle the operations on management basis. As soon as all licenses, permissions and legal requirements are in place, the agreement transfers to long term lease agreements.

– Sveafastigheter has recently completed a renovation of all hotels and hotel rooms in accordance with our business plan for the portfolio. The idea has been to upgrade the hotel standard and thereafter separate hotel operations from the properties, in order to create a distinct property portfolio with a long term operator as tenant. We are very glad to hand over the operations to a well acknowledged company as Ligula.