Six European Hotel Deals Land in One Week, Led by €154.8M Danish Portfolio

Five Danish hotels totalling 928 rooms changed hands this week in Europe's largest hotel transaction, with Alma Property Partners and Midstar AB paying roughly €154.8 million — about €167,000 per room — to acquire the portfolio from Sweden's Pandox AB.

The deal, struck through Alma's fourth value-add fund, Alma IV, covers four properties in Greater Copenhagen: the 200-room Motel One Copenhagen, the 215-room Scandic Sluseholmen, the 207-room Scandic Hvidovre and the 120-room Scandic Glostrup. A fifth asset, the 186-room Scandic Kolding, sits in southeast Jutland. All five are four-star and let on long-term leases to Scandic and Motel One, so the operators stay put while ownership shifts.

What does the pricing tell us?

The Danish portfolio's underlying value, before deferred tax, is DKK 1,155 million — DKK 1.24 million per room. For context, that per-room figure sits well below what capital-city leases elsewhere in this week's bulletin commanded, a sign investors still price regional Danish leasehold risk conservatively.

Pandox wasn't finished selling. In a separate transaction, Swedish investor Västerkulla Hotell AB agreed to buy two more Scandic-leased assets: the 170-room Scandic Hallandia in Halmstad and the 150-room Scandic Kalmar Väst in Kalmar. The underlying value is SEK 369 million (SEK 1.15 million per room), or roughly €33.6 million — €105,000 per room. Both transactions are expected to close in the fourth quarter of 2026.

London: Novotel Paddington goes for £63 million

British Land sold the four-star, 206-room Novotel London Paddington to a private overseas investor for £63 million — £305,800 per room, nearly double the Danish portfolio's per-room pricing. The 2008-built hotel sits by Paddington station, Great Britain's third-busiest railway hub, and includes a restaurant, bar, swimming pool and 11 meeting rooms. French owner-operator Essendi runs it.

The exit closes a long hold. British Land bought the hotel in 2013 as part of its £470 million purchase of the Paddington Central campus, and kept full ownership when it sold a 75% stake in the wider campus to Singapore's GIC for £694 million in 2022.

Germany: Leonardo rebrands two acquisitions

Leonardo Hotels, the European arm of Israel's Fattal Hotel Group, acquired two German properties: the four-star, 164-room Steigenberger Conti Hansa in Kiel on the Baltic coast, and the three-star, 144-room Holiday Inn Express Regensburg in Bavaria. Both are city-centre assets with restaurant, bar and meeting space. Both changed flags immediately — the Kiel house now trades as Leonardo Royal Conti Hansa Kiel, the Regensburg property as Leonardo Smart Regensburg.

Mallorca and Vienna round out the week

Amundi Real Estate Italia SGR, through its Nexus 4 Real Estate Fund, bought the four-star, 114-room Bikini Island & Mountain Hotel Port de Sóller in Mallorca from Austrian developer JP Immobilien. The property, near the beach and harbour on the island's northwest coast, was fully refurbished in 2018 and repositioned as an adults-only lifestyle hotel — the first Bikini-branded asset to leave JP Real Estate and co-investor ownership.

In Vienna, Czech owner-operator Czech Inn Hotels and Czech asset manager Dosfield Group jointly acquired the four-star, 247-room DoubleTree by Hilton Vienna Schönbrunn, next to the Vienna Museum of Science & Technology and a short walk from Schönbrunn Palace. The hotel includes a restaurant, bar and eight meeting rooms. It follows Dosfield's September 2026 purchase of the 416-room Prague Marriott Hotel with J&T Finance.

Taken together, the six deals show leasehold portfolios trading at a discount to single, well-located city assets — and suggest Pandox's disposals may free capital that reappears in future European transactions.