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Article - 10/10/2013

Auro Investment Completes Harpa Hotel Plot Purchase

On October 1st 2013, Auro Investment ehf (“AI”) finalized the payment for the hotel and apartment plot next to Harpa, Iceland’s National Concert and Conference Hall. AI is owned by Mannvit, T.ark Architects and Auro Investment Partners LLC. AI signed a purchase agreement with Situs ehf on August 1st 2013, subject to legal due diligence and financing. The payment is an important milestone in the progress of the project.


The allotted 30.000 m2 waterfront location is close to Reykjavik’s historic center and downtown shopping area. The plot will be divided between the hotel (17.000 m2) and high-end apartment- and retail buildings of 13.000 m2. Estimated construction cost is 12-14 billion ISK, executed in an EPCM contract by Mannvit. Preliminary design and concept study for the development and construction is underway. A contract for the hotel’s operation is due to be signed with Marriott International, W hotels or other major hotel brands to manage the hotel under their flagship brands.


The tender process was performed by Rikiskaup (National Institute of Governmental Purchasing) and offers were introduced in June 18th 2011. Two offers were significantly highest, about ISK 1.8 billion. In April 2013 negotiations started with AI after negotiations with World Leisure Investment stranded.

Further information about the tender process:


About AIP
Auro Investment Partners LLC, a subsidiary of Auromatrix Hotels and Resorts of India was established to develop Hospitality projects in Europe and USA. Auromatrix Hotels and Resorts is a leading developer, investor and operator of Hotels in India and Srilanka. Auromatrix offers services in management, sales & marketing, engineering & technical, interior designing and administration of Hospitality businesses.  Auromatrix has over two decades of experience in meeting the high standards of the hospitality industry. Auromatrix partnered with Days Inn Worldwide as their master franchisee for India and has successfully completed more than 40 turnkey projects across India. Auromatrix’s current hospitality portfolio includes Sparsa Resorts, a chain of eco-sensitive resorts, Aloft Hotels, upscale business hotels in 5 locations pan India and Stargate, a chain of food & beverage outlets. 


About Mannvit 
Mannvit is an international consulting firm offering comprehensive engineering, consulting, management, operational and EPCM services. The company employs some 400 dedicated, experienced engineers and technicians, who have successfully completed projects on almost every continent. Since 1963, the Company has provided engineering, technical and consulting services for a wide range of public and private projects including infrastructure and transportation, buildings, renewable energy and climate, power transmission, industry, IT and telecommunications. 



About T.ark 
T.ark is one of Iceland’s leading architectural offices with a wide range of projects in it’s portfolio spanning over 70 years of continuous practice, covering the whole spectrum of building projects, both private and public.  Amongst its most recent projects are hotels, offices, industrial structures, data centers and renewable energy power plants.  The office has worked on international projects with multidisciplinary design teams on both sides of the Atlantic.