The total acquisition price amounts to approximately EUR 29 million and is financed by cash and existing credit facilities. Occupancy is planned to occur in the second quarter of 2025.

“With the acquisition of the newly built Elite Hotel Frost, we are back in Kiruna, which is an important hub for both business and tourism in northern Sweden. The acquisition aligns well with our view of the northern Nordic region as a region with good economic prospects and growing demand from both domestic and international leisure travelers in search of unique nature experiences. We look forward to working with Elite Hotels to develop and establish the hotel as a market leader in Kiruna and thereby contribute to developing Kiruna as a destination”, says Liia Nõu, CEO of Pandox.

The hotel has two restaurants, meeting and conference facilities, a sky bar, as well as a gym and spa. The hotel product has a clear Scandinavian design language and will attract demand from both the leisure and business segments.

The seller is Kiruna Municipality, which decided to divest the hotel property by decision of the municipal council on 24 February 2025. A three-week appeal period expired on 18 March 2025 and the decision has now become legally binding.

The hotel is in the final stages of completion and is expected to open to guests in June 2025. Pandox will take possession of the hotel property after completion.

Kiruna is a unique tourist destination in northern Sweden, known for its Arctic nature and rich culture. Kiruna's strong business sector, driven by the mining industry and a growing tourism industry, creates good conditions for continued growth. The city's relocation and investments in the airport meet the increasing demand from both tourists and business. New international flights, such as direct connections from Copenhagen, Paris and Düsseldorf, strengthen the region's accessibility and create connections to important markets. With strategic investments and a unique combination of industry and nature experiences, Kiruna has a strong position for the future.