Movinn, a provider of fully serviced apartments, has entered a long-term lease for the former Duxiana Hotel in Malmö, a city in Sweden.
The property is set to be rebranded and relaunched under a new brand in the latter half of June 2024. It will be operated under the Movinn group.
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This transition will see the hotel transformed into a 21-unit boutique aparthotel, with a focus on maintaining the property’s historical significance.
The units will cater to a variety of guests, including corporate clients from Movinn’s existing Swedish portfolio as well as short-stay business and leisure travellers.
This property will be handed over to Movinn fully furnished, featuring DUX beds, Jetson chairs, and more.
Additionally, the aparthotel will feature a restaurant on the ground floor, alongside meeting facilities and a rooftop terrace within the inner courtyard.
Located on the corner of Mäster Johansgatan and Norra Vallgatan, the property is close to the central train station.
Movinn CEO Patrick Blok said: “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.”
Once fully operational, the aparthotel is expected to generate an annual revenue of between Skr6.5m to Skr8.5m .
It is also projected to create earnings before interest taxes depreciation and amortisation (EBITDA) of Skr1.3m to Skr2m.
