The Scandinavian hotel company First Hotels has joined forces with global hotel management company Belvar to conquer Europe. Together, the companies are trading over 200 million euros in turnover, a figure set to double in just two years.
The new Group has been named Maribel and has a threefold and equal ownership between the two owners of Belvar, Mads Jacobsen and Rune Firing, and the founder of First Hotels and the Flying Elephant Group, Asmund Haare.
“The portfolios are very well suited to each other and this is one of the cases where the total value exceeds that of the individual contributing elements,” says CEO of Belvar, Mads Jacobsen.
Maribel will initially have more than 11,500 rooms in their portfolio, covering a total of 11 countries. Currently, the hotels operate under the trademarks First Hotels, Moxy Hotels and Courtyard by Marriott.
In the UK alone, Belvar has opened 5 new UK Moxy hotels since December 2016.
Major expansion plans
Over the past few years, Belvar has become a significant European partner for the world’s largest hotel group, Marriott. The company has signed operational agreements for over 9,000 new rooms in a total of 45 hotels set to open over the next two years. The new Group will mean that they are represented in 17 countries. Equally, revenues will rise from two to four billion Norwegian kroner with a clear ambition of continued growth.
Asmund Haare becomes Chairman of the board in Maribel, whilst Mads Jacobsen, Rune Firing and Simen Haare will become board members. Mads Jacobsen has been announced as CEO in both Maribel and Belvar, whilst Rune Firing continues as Chairman of the board of Belvar.
Next-generation operating company
The European hotel industry is characterised by large and heavy international players. Belvar, which is the Group’s operating company, will enter the top league of European hotel operators after the merger, but will maintain today’s effective organisation.
With increased volume, there is also increased relevance and attractiveness for tomorrow’s hotel guests and for portfolio development.
