The Persson family's investment company Ramsbury has purchased a hotel property in Östermalm in Stockholm, the City of Stockholm confirmed on Tuesday morning. It is the first hotel investment for the H&M family's company.

The property is located next to Östermalm's market hall on Nybrogatan and houses, among other things, the hotel Villa Dagmar. The purchase price is undisclosed, but the newspaper The world of real estate, who wrote in August that Ramsbury would buy the property, estimates the purchase price to be "a little over half a billion kronor.".

”"We have looked at hotel investments before and think this is a very nice property in a fantastic location," says Lars Drangel at Ramsbury Property in a comment.

Ramsbury, which is controlled by H&M's major owner Stefan Persson, already owns a handful of properties in Stockholm. The majority are located on Drottninggatan, including the Åhléns City building and H&M's headquarters.

City of Stockholm states in a press release that the proceeds from the sale will be a welcome addition to the city treasury.

”"I am pleased to have taken the initiative and driven through this sale. Basically, the City of Stockholm should neither own nor operate hotels. Others can do that better," says Dennis Wedin, Real Estate Mayor in the City of Stockholm.

The City of Stockholm has owned and managed the properties in question for a long time, but when they were converted into hotels in connection with the renovation of Östermalm Market Hall, a sales process began.

Source: DI.SE