Real Estate Opportunistic

Niam selects Novogruppen for redevelopment of hotel in Värtahamnen

Niam selects Novogruppen for redevelopment of hotel in Värtahamnen Image

Niam has now started the major renovation of Scandic's hotel in Värtahamnen. The selected contractor is Novogruppen, with the assignment worth approximately SEK 150 million. The existing building, owned and leased by Niam, is part of the extensive urban development currently taking place in Värtahamnen. In the coming years, the harbour location will be transformed into Stockholm's most sustainable inner-city area, but as soon as the summer of 2024, the new hotel will be ready for guests, wellness, bar and restaurant visitors.

As part of the redevelopment, the hotel will grow by 40 rooms (from 283 to 323), get a brand new restaurant for over 300 guests as well as a Sky Bar and a wellness area at the top of the building.

"Our investment in Värtahamnen continues according to plan and we have now started construction on our joint hotel project together with Scandic. The new hotel will be an important piece of the puzzle in the development of Värtahamnen into a vibrant, urban district. After a solid procurement procedure, I feel secure in our choice of Novogruppen as construction contractor",says Ola Kolmert, Business Developer Niam.

Novogruppen is a Stockholm-based contracting company with approximately 35 employees and extensive experience in renovation, remodelling and extension projects as well as new production. They have previously worked with Kungsleden, Hemsö Fastigheter, Stena Fastigheter and Vasakronan. Construction started in Värtahamnen in March.

"Being able to participate and contribute to one of the last major development areas within the central part of Stockholm is both exciting and fun for us. The pronounced sustainability profile of the area and the hotel project also appeals to us at Novogruppen", Viktor Edler, CEO Novogruppen.

Niam's lease and cooperation agreement with Scandic is for approximately 14 500 square meters and extends over 24 years. Scandic and Niam presented the hotel concept, images, design/architecture, bar and restaurant offerings during a construction tour in early autumn 2023.

Niam in Värtahamnen

Niam is one of the Stadsutvecklarna i Värtahamnen (City Developers in Värtahamnen), the joint company that will develop Stockholm's new district in Norra Djurgårdsstaden. The old harbour environments will be filled with new buildings, meeting places, housing, workplaces, restaurants and diverse activities. The new Värtahamnen district will continue to be visited by cruise ships with millions of passengers every year. When Vision Värtahamnen is realized, there will be approximately 20,000 workplaces and 5,000 residents in the area. In addition to Scandic's hotels, Niam runs and owns several office development projects in the area and plans new production with over 38,000 square meters of lettable space.

For more information about Niam's project in Värtahamnen please contact:

Ola Kolmert, Business Developer
+46 768 71 50 83,