Fredensborg will invest €500M on the Spanish hotel market

Fredensborg will invest €500M on the Spanish hotel market

A new party interested in hotels in Spain. Norwegian group Fredensborg has 500 million euro to invest in hotels across Spain. The company with 500 million euro to invest in hotels across Spain, owner of 50% of Spanish chain Servatur, is seeking opportunities under the current situation, as informed by El Economista.

The company is actively analysing different opportunities on the Balearic Islands, more specifically in Mallorca, as well as in the Costa del Sol (Marbella and Estepona), despite not discarding entering large cities like Madrid. The average ticket the company wants to pay per operation is between 50 and 80 million euro.

Fredensborg is in the hands of one of the richest men in Norway, Ivar Tollefsen, whose fortune is estimated at 3.9 billion dollars (3.221 million euro approximately, at the current exchange rate), according to Forbes. Its first incursion in Spain took place last Summer with the purchase of 50% of Servatur, one of the reference hotel chains in the Canary Islands (top external bed supplier for Nordic tour operator Ving in this region).

Currently, according to its webpage, it has ten hotels spread across the Canary Islands. Nevertheless, when Fredensborg joined the shareholders’ meeting in June, he announced they had reached a deal to add four other establishments to the chain, located at Fuerteventura and Lanzarote.

Group Fredensborg is a long-term investor with a focus on European real estate sector, which develops its activity through 4 different subsidiaries: Heimstaden (listed and dedicated to rental in Europe and housing development in Sweden); Fredensborg Bolig (housing developer in Norway and also in charge of Heimstaden’s developments in the country); Utleiemegleren (the largest Norwegian housing rental and management company for the private and public sectors) and Fredensborg Leisure (dedicated to hotels and holiday rentals).

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