Source: Icelandair Group hf.

Icelandair Hotels’s sales process started

Formal sales process of Icelandair Hotels and related real estates was initiated this week. The process is managed by Íslandsbanki and HVS London. An information memorandum, which will be distributed to selected potential buyers, contains information on estimated results of the year 2018 and forecast for 2019. It is estimated that rental income from real estates will be ISK 0.7 billion and EBITDA of hotel operations will be ISK 0.9 billion in 2018. According to the budget for 2019, rental income from real estates will be ISK 0.8 billion and EBITDA of hotel operations will be ISK 1.1 billion. In 2018, three new hotels were added to the hotel operations which increased the number of hotel rooms by 197.

The sale process is expected to be concluded before end of the first quarter of 2019.

For further information:

Bogi Nils Bogason, Interim President & CEO
bogi@icelandairgroup.is
+354 5050 100