Nordic private asset company CapMan Hotels II (CMH II) has completed the acquisition of Midstar Fastigheter, expanding its hotel real estate portfolio in the region.
The transaction, which closed on 31 March 2025, includes 28 hotel properties across Sweden; Denmark; and Norway, and is considered as the “largest of its kind in the region”.
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The acquired portfolio, now managed by CapMan Real Estate, consists of 4,709 rooms, with plans to increase this number to 4,887 by 2027.
Currently operated by Scandic Hotels Group and Strawberry, the hotels are situated in key metropolitan and regional locations, complementing CMH II’s existing assets.
CMH II is an open-ended core plus fund with a focus on investing in Nordic hotel properties.
This acquisition diversifies CMH II’s portfolio and positions it as a non-listed entity with a presence in the hotel sector.
The private asset company aims to add value to the newly acquired assets through active management, refurbishment, and repositioning strategies, targeting a reduction in operating expenses and emissions.
CapMan Real Estate partner and CMH II’s fund director Thomas Laakso said: “The Nordic hotel market is well positioned for continued growth, and we look forward to developing the portfolio further in line with the fund’s long-term strategy.
“In addition to the geographic diversification across four stable countries, the portfolio also benefits from a diverse operator base additionally balancing risk, which is ideal for the fund’s income profile.”
In conjunction with the acquisition, CapMan Real Estate has strengthened its hotel team.
Marcus Carlsson joins as senior property director, and Robin Stenlund as investment director and portfolio manager. Additionally, Simon Hultén has been promoted to the role of investment director and deputy fund director.
CapMan CEO Pia Kåll said: “We are thrilled to complete this acquisition after receiving the regulatory approval from the Swedish Competition Authority.
“This milestone transaction not only strengthens our position in the Nordic hotel investment market but also attracts new investors, contributing to the growth of CapMan Group’s assets under management by €0.4bn towards our strategic target of €10bn during the ongoing strategy period.”
