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Article - 01/08/2013

Purchase agreement signed on the hotel plot next to Harpa Concert Hall and Conference Center

Today the board of Situs ehf. and Auro Investment ehf. (AI) signed a purchase agreement regarding the hotelplot next to Harpa Concert Hall and Conference Center. The purchase agreement is a significant milestone in the development of the plots next to Harpa as the buyer will develop the first five star hotel in Iceland. AI, which is owned by Mannvit Engineering, T.ark Architects and Auro Investment Partners LLC have been working since April 10, 2013 to finalize the agreement on purchasing the plot. The hotel is estimated to have 250+ rooms. The group will be conducting legal due diligence and secure financing in the coming months. The project is planned to commence construction in the first quarter of 2014 and opened on the first quarter of 2016. Marriott International and another major hotel brand have both expressed interest 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 last April 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.