Movinn has signed a long-term lease to operate the former Duxiana Hotel in Malmo, Sweden. The existing hotel will be handed over and re-open under a new brand in the second half of June 2024. In parallel increments, the Hotel will be transformed into a 21-unit premium boutique aparthotel.
The property is handed over to Movinn fully furnished and equipped. There will also be a high-quality restaurant on the ground floor operated by a third-party professional restaurant operator, meeting facilities and a roof terrace in the inner courtyard.
The Property is located in a prime location on the corner of Master Johansgatan and Norra Vallgatan in the historic city centre of Malmo with walking distance to the large business district of the inner Harbour, the high streets of the Oldtown as well as walking distance to the central train station for easy commute to Copenhagen (Denmark), Copenhagen Airport, Hyllie and Lund.
When fully operational, the full-year revenue effect of the apartment hotel is expected to be c. €0.58m-€0.76m.
Patrick Blok, CEO, states: "Happy with this result. It's a beautiful house that has been well taken care of by the former owners. It's a fantastic location that will serve as a flagship product of our activities in Skåne. The quality of the property and interior is extremely high, making it a great plug-and-play opportunity for us to grow substantially and deliver on fundamental metrics without tying up too much capital. The deal is perfectly aligned with our sourcing strategy as well, making the deal a tangible example of our focus and ability to execute. We couldn't do it without our local real estate partners though, so I am very happy with that relationship: None mentioned, none forgotten."
Image source - Cision.
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