Cox & Kings unit to open 442-bed hotel in Reykjavik, Iceland

Cox & Kings said its hotel subsidiary, Meininger, has signed “an agreement for a hotel in Reykjavik”, the capital of Iceland in Europe.

The company did not clarify who will own the property, but it is likely that ownership will be with a third party, with Meininger managing the hotel.

Meininger is a subsidiary of Holidaybreak Ltd, which is a subsidiary of Prometheon Holdings (UK) Ltd, which is a subsidiary of Cox & Kings Ltd, the Indian listed entity.

The hotel will have 442 beds in 122 rooms spread over 5,500 square meters on 5 floors and is scheduled to open in the second quarter (April-June) of 2020.

It will be “accommodated in” the iconic JL House, a famous 1940s warehouse, the Indian travel and tourism company said.

Besides this, Meininger plans to enter two new markets next year with the opening of a hotel in Budapest and a hotel in Paris, the company said.

The new hotel will be located on Vesturbaer district in Reykjavik, which is close to the city centre and the Harpa concert hall, the company said.

“We expect to host the typical mix of Meininger guests — individual travellers like backpackers as well as groups and a small number of business travellers,” according to Doros Theodorou, CCO of MEININGER Hotels.

The room types will range from classic double rooms to private multi-bed-rooms through to a bed in a dorm.

The public areas such as reception, lobby, lounge, bar and breakfast room, guest kitchen and games zone will be located on the ground floor of the building.

Iceland is the fastest growing market in Europe.

In 2017, about 2.2 million tourists visited the country (fivefold increase compared to 2010), which is about six times the permanent resident population of the country.

“The rapid-fire growth made Reykjavik having the highest market-wide occupancy in Europe,” the company said.

The main reason for visiting Iceland is its natural attractions. Many people choose to put up at the capital, which has its own share of museums, events and festivals.

Due to the relatively small size of Iceland, it is also possible to stay in the capital and visit the attractions of the island nation.

Most of the visitors are from Europe and North America.

“Reykjavik increased its significance as a hub between Europe and North America in the past years, also because the accessibility by air greatly improved,” added the COO.