{ "id": 55734, "date": "2025-11-07T11:02:14", "date_gmt": "2025-11-07T11:02:14", "guid": { "rendered": "https:\/\/alvacapital.is\/?p=55734" }, "modified": "2025-11-27T13:07:40", "modified_gmt": "2025-11-27T13:07:40", "slug": "ihg-hotels-resorts-continues-nordic-expansion-with-first-property-in-iceland", "status": "publish", "type": "post", "link": "https:\/\/alvacapital.is\/en\/ihg-hotels-resorts-continues-nordic-expansion-with-first-property-in-iceland\/", "title": { "rendered": "ALVA Capital and IHG sign landmark agreement: Open first IHG hotel in Iceland and develop 500 rooms in the coming years" }, "content": { "rendered": "

Candlewood Suites Reykjavik highlights IHG\u2019s continued expansion in the Nordic market and marks the extended stay brand\u2019s continued European expansion<\/em><\/h2>\n\n\n\n

07.10.2025 (London, UK):<\/strong> IHG Hotels & Resorts<\/a> (IHG), one of the world\u2019s leading hotel companies, announces its first signing in Iceland for its midscale long stay brand Candlewood Suites<\/a>, by IHG. Signed as part of an agreement with ALVA Capital, IHG will look to develop up to 500 rooms in the city or wider Iceland over the next three to five years introducing some of IHG\u2019s leading brands, including Holiday Inn Express and Garner hotels, to the Nordics.<\/p>\n\n\n\n

Expected to open in the near future, the landmark signing in Reykjavik joins 13 open and pipeline properties in the Nordics, including the re-entry of IHG in Sweden last year with the opening of voco Stockholm – Kista, Crowne Plaza Copenhagen Towers in Denmark and the Hotel Indigo Helsinki in Finland.<\/p>\n\n\n\n

Iceland presents a compelling next step in IHG\u2019s regional footprint as the country has seen a dramatic surge in tourism over the last decade. Thanks to a unique blend of natural wonders and urban appeal, the country is now welcoming approximately 2.3 million international visitors annually \u2013 a figure that exceeds the national population of around 400,000 people by more than fivefold.<\/p>\n\n\n\n

Located in the city centre of Reykjavik in the Hl\u00ed\u00f0ar district close to city\u2019s main pedestrian shopping street, the property will offer convenient access to a number of tourist attractions, including the contemporary Kjarvalssta\u00f0ir Art Gallery, The Icelandic Phallological Museum and Sundh\u00f6llin Public Baths \u2013 all of which are within easy walking distance.<\/p>\n\n\n\n

The 53 key property will be a conversion of a former office building and will offer guests casual, reliable, and spacious studios and apartments equipped with kitchens. This provides guests the personal and physical space they need to not just stay comfortably but feel at home.<\/p>\n\n\n\n

<\/p>\n\n\n\n

(Mrs) Willemijn Geels, Vice President, Development, Europe, IHG Hotels & Resorts, commented: <\/strong>“We are looking forward to introducing the Candlewood Suites brand to the Nordics with the signing of Candlewood Suites Reykjavik in Iceland, an exciting emerging market for IHG.

We are especially proud of the swift collaboration between IHG and our esteemed partners at ALVA, who have successfully signed and already begun the conversion to open this property in the near future. ALVA has an established presence in Iceland and this deal holds great potential for IHG to grow across the country with a well respected partner and I am truly excited to see what\u2019s to come.\u201d<\/p>\n\n\n\n

Skorri Rafn Rafnsson \u2013 CEO of ALVA Capital comments: <\/strong>\u201cWe are incredibly proud to be working with IHG Hotels & Resorts to bring Candlewood Suites to Iceland. It is a brand that blends the comforts of daily life with the conveniences of a hotel, enabling guests to stay comfortably and maintain their normal routines however long their stay. The signing marks a significant step in our commitment to providing exceptional hospitality and tailored services that meet the evolving needs of travellers in Iceland. Partnering with a well renowned international hotel company like IHG has already proven to be a great choice as we push ahead with the conversion of this property and we\u2019re incredibly excited to realise the full potential of this deal.”<\/p>\n\n\n\n

<\/p>\n\n\n\n

Founded in 2012 by Skorri Rafn Rafnsson, ALVA Capital is a diversified investment and development firm headquartered in Reykjav\u00edk, Iceland. With deep roots in fintech and technology, ALVA has built and scaled several industry-leading ventures\u2014among them Netgiro, Inkasso, Bland, Heimkaup, Hopkaup and Moberg\u2014and achieved notable exits in those sectors.<\/p>\n\n\n\n

Since 2020, ALVA has expanded its strategic focus into real estate, directing its capital and expertise toward the development, ownership, and operation of residential and hospitality properties. Today, the firm\u2019s portfolio encompasses over 200 rental units spanning apartments, hotel rooms, and mixed-use developments.<\/p>\n\n\n\n

ALVA Capital employs a data-driven investment philosophy, emphasizing long-term value creation across both its venture and real estate platforms. The group continues to operate across Iceland and internationally, leveraging operational support, innovation, and capital to grow its holdings and deliver market-leading performance<\/p>\n\n\n\n

Part of IHG\u2019s long stay Suites portfolio, Candlewood Suites properties provide self-service guest laundry, access to gym facilities and weekly housekeeping services, as well as equipped kitchens, in-room coffee & tea making facilities, comfortable seating and a space to work. Guests can access the Candlewood Cupboard, a marketplace offering a variety of drinks, snacks and personal essentials for purchase or quality bean-to-cup coffee and tea available 24\/7.<\/p>\n\n\n\n

IHG has nine Candlewood Suites set to open across Northern Europe, offering guests a new midscale aparthotel experience, underpinned by a reliable service and apartment-style amenities. This increasing demand for extended stays is reflected in IHG\u2019s wider Europe growing pipeline and system size of 32 extended stay properties. <\/p>\n\n\n\n

Candlewood Suites Reykjavik joins IHG\u2019s global portfolio of over 410 open and 192 pipeline Candlewood Suites hotels since the brand was acquired 2004.<\/p>\n\n\n\n

*Numbers as of June 30, 2025<\/p>\n\n\n\n

<\/p>\n\n\n\n

Link to news on ihgplc.com<\/a><\/p>\n\n\n\n

<\/p>\n\n\n\n

Here you can take a look at the listing at ihg.com<\/a> and book your stay.<\/p>\n\n\n\n

<\/p>", "protected": false }, "excerpt": { "rendered": "

IHG Hotels & Resorts\u00a0(IHG), one of the world\u2019s leading hotel companies, announces its first signing in Iceland for its midscale long stay brand\u00a0Candlewood Suites, by IHG. 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