IS Funds to collaborate with First Hotels
The Scandinavian hotel chain First Hotels and FAST-3, an institutional investment fund managed by IS Funds, have collaborated on opening hotels under the First Hotels brand name in Hlíðasmári in Kópavogur next year.
Over 90 hotels operate under the First Hotels brand throughout Scandinavia. The company was founded in 1993 and is headquartered in Oslo. The company plans to open more hotels in Iceland in the coming term.
The hotel in Hlíðasmári will be modern and economical, and First Hotels will utilise state-of-the-art technology and automation in its guest services. There has been strong commercial development in Smáralind, and there are plans for a new mixed commercial-residential community in coming years.Construction has begun and is overseen by Capex Consult. The new hotel expects to begin receiving guests by the end of 2017.
Kjartan Smári Höskuldsson,managing director of IS Funds:
“Collaborating with First Hotels is very exciting - a major step towards landing an agreement with a foreign hotel chain for this addition to the hotel offerings in the greater Reykjavík area. It is positive to see hotel space distributed around the capital area, enabling us to respond to the rapid increase in tourists visiting Iceland. It is clear that further investment is needed, and it is satisfying to offer our customers the chances to participate in that investment with us."