40 Billion ISK Funding Secured For New Luxury Hotel

Malaysian businessman Tan Sri Vincent Tan has secured 40 billion ISK in funding to build a 5-star luxury hotel at the Reykjavík harbour, MBL reports.

It’s been two years since Vincent Tan bought the buildings in order to build a hotel and, if permission is given for construction, it is likely to start immediately, with the hotel beginning operations in the first half of 2023.

Dr. Tryggvi Þór Herbertsson, who is in charge of the project, says that the COVID-19 pandemic has not changed Vincent Tan’s plans, but a few loose ends still need to be tied before construction can start. Tryggvi emphasised the importance of taking extra care during such a large scale project, as it will have a great impact on city life. The hotel will be around 30,000 square metres, with 150 rooms as well as privately owned, serviced hotel apartments. It is estimated that the building will create around 600 million ISK a year in real estate taxes.

”This is a lot of money,” says Tryggvi, “And the city fund is in need of more money. In addition, we expect that between 500-600 people will be employed during the construction period.”

Computer drawing/Profession Architects

Vincent Tan is no stranger to this sort of large scale luxury project, and was originally planning to build this kind of hotel in Dublin before turning his attention to Reykjavík.

Proposals have been made and presented to Vincent Tan by the architectural firm Yrki Arkitektar.

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