Danske Bank takes over largest Nordic hotel

The bank will finance a congress facility with a capacity to host 750 people

July 4th, 2014 2:44 pm| by admin

Danske Bank has taken over Estatia Resort Norefjell, a huge Norwegian hotel that has been battling serious financial problems, according to the Norwegian business newspaper Finansavisen.

The Danish bank will convert 530 million Norwegian kroner worth of debt into equity and will also finance a congress facility with a capacity to host 750 people.

“I must admit that some Danske Bank departmental meetings will be held in the mountains,” Stian Anderson, the head of communications for Danske Bank in Norway, told Finansavisen.

READ MORE: Danske Bank on the offensive in Sweden

Luxurious failure
Anderson went on to state that the bank didn’t have any ambition to own the hotel forever.

The hotel, located at the Norefjell Ski Resort north-west of Oslo, opened in 2009 with a massive spa facility, 284 apartments and 1,900 beds – the most in the Nordic region.

But 140 of the apartments have yet to be sold, the construction costs came to 500 million Norwegian kroner more than planned, and the hotel has a debt of 760 million Norwegian kroner.

Bohr, photographed in 1948 at Princeton University aged 63, saw out the latter years of his career in the US, promoting the peaceful application of atomic energy (photo: Princeton University/American Institute of Physics/Science Photo Library)
Atomic scientist’s quantum leap changed the world of physics forever
For such a tiny country, Denmark certainly punches above its weight, and th...
A tragedy in Copenhagen this afternoon (photo:PDP)
Mother of four stabbed to death in Copenhagen
A 51-year-old woman has been stabbed to death in an apartment in Nørrebro ...
German conductor Hartmut Haenchen warned against cuts from the Royal Orchestra (photo:  Riccardo Musacchio)
Musicians and maestros condemn cuts at the Royal Danish Theatre
The musicians at Det Kongelige Kapel, which is internationally known and ac...
Not rolling tomorrow (photo: Hochgeladen von Heb)
The postman may not ring at all in Copenhagen tomorrow
Some Copenhagen residents will see neither post nor packages tomorrow as ab...
Grejfreak has moved on from its original idea of selling military gear (photo: Bonzo)
Aarhus veteran cashing in on military gear
Kristian Juel Rasmussen came back from his deployment with the Danish milit...
Basking sharks are rare in Danish waters these days (photo: Anders Peter Schultz, Statens Naturhistoriske Museum)
Massive shark caught off Danish coast
A huge four-metre long shark was caught in Kattegat Strait off the coast o...