Chain’s merger with management firm forms new hotel giant

Scandinavian hotel chain First Hotels has joined forces with global hotel management company Belvar to form new hotel giant Maribel.

The two businesses have a combined annual turnover of more than €200 million (£175m), which is set to double over the next two years, according to the group.

Belvar, which operates 13 Moxy Hotels across Europe, is due to launch its Moxy Edinburgh site at the capital’s airport next year.

Maribel will initially have some 11,500 rooms in its portfolio, operating under the trademarks First Hotels, Moxy Hotels and Courtyard by Marriott, covering a total of 11 countries.

Ownership of the new group will be “threefold and equal” between the two owners of Belvar, Mads Jacobsen and Rune Firing, and the founder of First Hotels and hotel development firm Flying Elephant Group, Asmund Haare.

Haare, who will be chairman of the board at Maribel, said: “Mads and Rune have done a great job of building Belvar up to become one of Europe’s most exciting and expansive hotel companies. Together, we will have good coverage across Europe with the company rapidly developing.”

Jacobsen, who will become chief executive of Maribel, added: “The portfolios are very well suited to each other and this is one of the cases where the total value exceeds that of the individual contributing elements.” 0 Asmund Haare, chair of the ‘rapidly developing’ new group