POSTED IN: Tribe Hotels News // Monday, May 5th, 2014

Flying Elephant reported sales of MNOK 1.798 and an operating profit of MNOK 781 for 2013.

The good results come from improved hotel operations and profits from the sale of the properties Hotel Amaranten, Hotel Skt Petri and Hotel Vesterbro.

– We are very pleased with the results for 2013. This clearly demonstrates that we have made  good real estate investments, and that the measurements we have implemented pays off, says Flying Elephants founder and chairman of the board, Asmund Haare

Positioned for growth

The real estate and development area of the group has completed several successful projects recent years with good profits. At the same time several strategic changes in hotel operations, in terms of both organizational development as well as portfolio adjustments, has been undertaken. This has resulted in improved profitability, increased revenue per room and market share growth.

– We know that the potential of our organization and within the hotel portfolio is great, something proven by the 2013 results. The significant reduction of our external debt has further strengthened our balance sheet, and we are now well positioned for further growth, says Haare.

Positive start of the year

So far this year, two new hotels have already been added to the First Hotels portfolio, which currently consists of 54 hotels (30 in Sweden, 13 in Denmark and 11 in Norway). The Group has also planned several renovation and development projects to be launched in 2014.

– The trend is positive both for First Hotels and for Flying Elephant. We will use 2014 to grow further and to consolidate our position as a leading hotel chain in Scandinavia, says Haare.

Key figures (MNOK):





1 798

1 459

1 352

Operating results






About Flying Elephant:

Flying Elephant is one of Scandinavia’s leading hotel groups and was established in 1993. It owns First Hotels (hotel chain), Tribe Hotels (hotel operator), Host Hotel Property (real estate owner and asset manager) and HUS (property developer). Currently First Hotels consists of 54 hotels in Scandinavia, while Tribe Hotels operates 37 hotels in the three countries. The Host property portfolio consists of 16 properties, including 4 hotels in Norway, whilst 11 are located in Sweden and one in Denmark. In addition, the company owns three development sites.

The Flying Elephant group has over 6,500 hotel rooms and more than 2,000 employees.

For further information, please contact Communications Manager, Erlend Ellingsen:


Phone: +47 920 99 039