Tourexpi
IHG Hotels & Resorts (IHG), one of the world’s
leading hotel companies, has announced its first signing in Iceland for its
midscale extended stay brand Candlewood Suites. The agreement, made with ALVA
Capital, includes plans to develop up to 500 rooms in Reykjavik and across
Iceland over the next three to five years, introducing key IHG brands such as Holiday
Inn Express and Garner hotels to the Nordic market.
A strategic step in IHG’s Nordic expansion
The new Candlewood Suites Reykjavik joins IHG’s 13
open and pipeline properties across the Nordics, following the brand’s return
to Sweden with voco Stockholm – Kista, as well as Crowne Plaza Copenhagen
Towers in Denmark and Hotel Indigo Helsinki in Finland.
Iceland’s tourism sector has seen remarkable growth in
the past decade, now welcoming around 2.3 million international visitors
annually – more than five times the country’s population of roughly 400,000.
With this rising demand, IHG’s entry into Iceland strengthens its position in
one of the region’s most dynamic travel markets.
A central Reykjavik location offering space and
comfort
Situated in Reykjavik’s Hlíðar district, near the
city’s main shopping street, the new Candlewood Suites will provide convenient
access to key attractions such as the Kjarvalsstaðir Art Gallery, the Icelandic
Phallological Museum, and Sundhöllin Public Baths.
The 53-key property, converted from a former office
building, will offer spacious studios and apartments equipped with kitchens,
giving guests both the comfort and independence of home alongside reliable
hotel services.
Statements from IHG and ALVA Capital
Willemijn Geels, Vice President, Development, Europe
at IHG Hotels & Resorts, said:
“We are delighted to introduce Candlewood Suites to
the Nordics with this landmark signing in Reykjavik – an exciting and emerging
market for IHG. Our collaboration with ALVA has been highly productive from the
start, and this project holds great potential for further growth across
Iceland. We are proud to see our shared vision come to life so swiftly.”
Skorri Rafn Rafnsson, CEO of ALVA Capital, added:
“Partnering with IHG Hotels & Resorts to bring
Candlewood Suites to Iceland is a major milestone for us. The brand combines
the comforts of everyday living with the convenience of hotel services, ideal
for both short and extended stays. This partnership represents our commitment
to delivering tailored hospitality experiences that meet the evolving needs of
travellers in Iceland.”
About ALVA Capital
Founded in 2012 by Skorri Rafn Rafnsson, ALVA Capital
is a Reykjavik-based investment and development firm with roots in fintech and
technology. Since 2020, the company has expanded into real estate, focusing on residential
and hospitality projects. Its current portfolio includes over 200 rental units
across apartments, hotel rooms, and mixed-use developments. ALVA’s data-driven
investment approach emphasizes long-term value creation through innovation,
operational excellence, and sustainable growth.
Candlewood Suites: a growing presence in Northern
Europe
Part of IHG’s extended stay Suites portfolio,
Candlewood Suites properties provide self-service laundry, fitness facilities,
and weekly housekeeping, as well as fully equipped kitchens, coffee and tea
makers, and dedicated workspaces. Guests can also access the Candlewood
Cupboard, a 24-hour marketplace offering drinks, snacks, and personal
essentials.
IHG currently has nine Candlewood Suites hotels set to
open across Northern Europe, reflecting the growing demand for midscale
extended stay accommodation. Globally, the brand counts over 410 open hotels
and 192 in the pipeline, underscoring its position as a key player in the
long-stay segment.
Image
Credit: © IHG Hotels & Resorts
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