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You may be forced to close down the significant Clarion Hotel Energy investment after another major loss.
STAVANGER (Nettavisen Økonomi 🙂 In August, Nettavisen Økonomi wrote about how Petter Stordalen has struggled to catch up with the huge hotel investment that started in Stavanger a few years ago.
Stordalen tried to change the name of the “oil capital” Stavanger to “hotel capital of Norway” when in 2013 it announced that Clarion Hotel Air would be ready three years later.
Read more: Petter Stordalen’s great pain: – A surprise for everyone
The following year, the price of oil plummeted and the king of hotels Stordalen told VG that “blood is now flowing through the streets of Stavanger,” referring to lower demand for hotels and restaurants in the city.
Stordalen lost NOK 250 million in hotels due to the oil crisis (2015-2017), and another NOK 90 million in 2018. Despite improvements in 2019, Stordalen lost around NOK 70 million pre-tax on hotel operations in Stavanger last year.
HEAVY: Petter Stordalen’s Strawberry Group left a record year in 2019 before the corona pandemic hit the tourism industry in full force starting in March 2020.
Photo: Terje Pedersen (NTB)
In the annual accounts for Clarion Hotel Energy, which lost NOK 28.5 million last year, the board writes that the future is uncertain:
«The accounts of the company have been prepared under the assumption that operations continue. This means that the board has assessed that the company will survive the current crisis, but the forecasts and estimates contain significant factors of uncertainty related to the magnitude and duration of the economic effects, as well as access to capital during this period “, the board writes.:
“These uncertainties can create significant uncertainty about whether the company will be able to continue operations.”
Also read: Petter Stordalen sells penthouse for NOK 70 million
The worst three could not be reversed
In particular, three of the hotels have accounted for a large part of the losses suffered by Stordalen in Stavanger in recent years:
Clarion Hotel Energy It is the largest conference hotel in Stavanger with 400 rooms, 14 meeting rooms and a conference room for up to 1000 people. The Snøhetta-designed hotel has suffered greatly since it opened in 2014, losing NOK 28.5 million in 2019. The previous year, the hotel contributed a loss of NOK 32.9 million. Stordalen has now lost a total of NOK 164 million on the hotel.
ENERGY: Clarion Hotel Energy alone has had a loss of around NOK 61.4 million to Nordic Choice in the last two years.
Photo: Magnus Ekeli Mullis
Clarion Hotel Air It was opened in 2015, when Petter Stordalen was shot down from a helicopter at a height of 15 meters. The Air building is the tallest in Sola, with 296 rooms and a conference room for 1,250 people. The hotel lost NOK 16.7 million in 2019, after losing NOK 18.8 million the previous year.
AIR: Clarion Hotel Air, the third Clarion hotel in the Stavanger region, records a loss of just under NOK 17 million in 2019
Photo: Magnus Ekeli Mullis
Quality hotel pond in Sandnes it is also among the hotels that have suffered the most in the region. The hotel posted a deficit of NOK 11 million in 2019, roughly the same as in 2018. In total, the hotel has lost NOK 48.5 million since the opening year in 2016.
Quality Airport Hotel It was the only one of the Stordalen hotels to make a profit last year, after turning a deficit of 6.8 million in 2018 to 564,647 kroner in profit in 2019. Hotel Skagen Brygge (-1.9 million), Comfort Hotel Square (-4.7 million crowns), Quality Hotel Residence (-1.95 million crowns), Comfort hotel Stavanger (-5.3 million) and Clarion Hotel Stavanger (-2.7 million crowns) outperformed 2018, but overall contributed a loss of around 16.55 million in total.
Also read: Here are the drawings of the new hotel in Stordalen: it will spend a billion
Believed in better numbers in 2020
When Nettavisen Økonomi spoke to COO Jannica Landmark-Rosén in August, she said the chain had high expectations that 2020 would be the year the trend in Stavanger would reverse. Then came the corona pandemic.
– We had a large number of orders at all Clarion hotels, he said in August.
Even though holidays in Norway contributed to this year’s summer being better than 2019 and much better than feared for Nordic Choice hotels in Stavanger, 2020 will remain a dark year for the chain, for the hotel industry and the tourism industry in general.
“There is still uncertainty about how long the covid-19 pandemic will last and how this will affect the business. Management expects a gradual increase in turnover in the latter half of 2020 and in 2021, and expects to pass the pre-crown level in 2022 “writes the board.
Also read: Petter Stordalen sells hotels for 1.5 billion
Also read: Olav Thon: – We are doing well without so much state support
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