Main Photo: The Hotel Ullensvarg
Date: March 2021
Location: Hardangerfjord, near Bergen, Western Norway
Name: Hotel Ullensvarg
No. of Keys: 170
Seller: The Utne family, who have owned the hotel for the past 174 years, spanning five generations! “After in-depth deliberations, we have concluded that better models than family ownership are available to secure further growth and development for the hotel in a long-term perspective,” said CEO and fifth-generation owner Hans Edmund Utne. “That is why we decided to investigate whether there are new owners ready to take this beautiful property to the next stage.”
Global real estate advisor CBRE were appointed as selling agent for the transaction
Hotel Ullensvang was founded by Hans Utne in 1846, with two beds for rent. Five generations later, the hotel has 168 high-quality rooms, a 500-seat restaurant and a conference capacity of 350 people. It also has an indoor activity centre, indoor and outdoor pool areas and wellness facilities.
Buyer: H.I.G. Capital, LLC, a leading global alternative investment firm with over €36 billion of equity capital under management, announced today that an affiliate has recently completed an investment in Hotel Ullensvang, a 170-key upscale waterside resort located in Norway’s Hardangerfjord. An institution in the Norwegian hotel market, the resort is set in stunning landscape surroundings with views of the fjord and Folgefonna glacier. Terms were not disclosed. The purchase was in partnership with Hamilton Hotel Partners, recently merged with Pyramid Hotel Group.
“This transaction not only underlines our commitment to the Scandinavian market, which is a key jurisdiction for our European strategy, but also demonstrates our ability to source high-quality assets which can benefit from H.I.G.’s value-add expertise.” said Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty in London “Hotel Ullensvang is an excellent addition to our existing portfolio of domestically-led wellness resorts located in core European markets. We believe this sector, in selected locations, will benefit from the resilience of local demand as well as tailwinds in staycation, wellness and sustainable travel.”
Baptiste Boye-Møller, Director at H.I.G. Europe Realty, added: “This transaction not only underlines our commitment to the Scandinavian market, which is a key jurisdiction for our European strategy, but also demonstrates our ability to source high-quality assets which can benefit from H.I.G.’s value-add expertise.”
The hotel has a rich history and has hosted and provided inspiration to many people over the years, such as royals, politicians, artists and composers. Among them is Norwegian composer Edvard Grieg, who wrote many of his best-known works on the premises. Her Majesty Queen Sonja of Norway is a regular guest at the hotel, which also houses a permanent exhibition of her artworks.
H.I.G. is based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá. They specialize in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
H.I.G. is also a leading CLO (Collatorised Loan Obligation) manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €27 billion.
THPT Comment: Great to see this truly Grand Dame of a hotel being settled in good hands with H.I.G and Hamilton Partners, who hopefully will see through another 200 years for this fab hotel.
First Seen: Business Wire
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