Sweden's grandest mountain hotel — bankrupt within 4 months of opening

Copperhill Mountain Lodge was planned as a luxury design hotel on Förberget mountain in Åre, Sweden — the country's premier ski destination. Conceived in 2005, it was to be Åre's largest private investment ever: 112 rooms and suites, 420 beds, designed by American architect Peter Bohlin (who designed Apple Stores and Bill Gates' house). The hotel was intended to be a landmark property that would put Åre on the global luxury ski map.

The project was originally structured as co-op apartments. But buyer interest was minimal, the model was scrapped, and it was restructured as a conventional hotel mid-development — without a clear financial foundation. Construction was suspended in September 2007 when original investor Vanilla Ventures ran into financial trouble. Dutch venture capitalists Peter Kat and Frans Scholtes injected new capital on condition Vanilla Ventures withdrew, but the cost overruns were already baked in. The final cost grew from SEK 500M to SEK 730M — a 46% overrun.

Copperhill opened on 8 December 2008, at the absolute peak of the global financial crisis. Demand collapsed immediately. Within six weeks, the hotel was asking suppliers to defer payments. By 23 February 2009 — just 77 days after opening — it filed for bankruptcy protection with debts of SEK 80 million. The hotel closed on 26 April 2009 and all staff were laid off. On 28 August 2009, Home Properties (owned by Norwegian hotelier Petter Stordalen) bought the hotel for SEK 200 million — about 27% of the construction cost.