It surely is; 'fest' is the Swedish word for 'party'. I actually think Swedish or Norwegian (which are practically the same language) are closer to English than even Dutch. Many of the most common, short English words are the same.

"Fest" is also German for celebration - but just because several Germanic languages have the same word doesn't mean that it's a Germanic word. Actually all of them got it from Latin...

The Anglo-Saxon migrations made England English, and then the waves of Viking invasions littered North Germanic vocabulary all over it. You can see it in doublets like skirt/shirt that aren't in other West Germanic languages.