IS Funds to collaborate with First Hotels

16.12.2016

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."

Older news

Íslandsbanki issues EUR 300m bond and announces partial buyback of its 2020 EUR 500m bond

04.04.2019 - IR Releases
Íslandsbanki has today issued a EUR 300m 1.125% fixed rate senior unsecured bond for 3 years, at a spread of 130 basis points over mid-swaps.More

Annual General Meeting 2019 - agenda, candidates and proposals

19.03.2019
The Annual General Meeting of Íslandsbanki hf. will be held on March 21, 2019 at the Bank's headquarters, Hagasmári 3, 201 Kópavogur at 15:00.More

Publication of 2018 Annual Report and Pillar 3 Report

13.02.2019 - IR Releases
Íslandsbanki has published an Annual Report and Pillar 3 Report for 2018. More

Annual Results 2018

13.02.2019 - IR Releases
The Bank and Íslandssjóðir turned in a good operating performance during the year, with a consolidated profit of ISK 10.6bn, while operational...More

Publication of 2018 year-end results

30.01.2019 - IR Releases
Close of business Wednesday, 13 February 2019More

Íslandsbanki to terminate credit rating contract with Fitch Ratings

30.01.2019 - IR Releases
Íslandsbanki informs that following expiration and by agreement of parties, the credit rating service contract between Fitch Ratings and Íslandsbanki...More

Ásmundur Tryggvason to direct Corporate and Investment Banking

23.01.2019
Ásmundur Tryggvason has been engaged as director of Corporate and Investment Banking at Íslandsbanki. He replaces Vilhelm Már Þorsteinsson, who will...More
Netspjall