Icelandair Hotels company logo

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Corporate Majority | Acquired



About Icelandair Hotels

Icelandair Hotels is an Icelandic hotel chain that aims to provide authentic Icelandic experience through a cohesive family of international and local hotel brands. The firm's portfolio of hotels includes Canopy Reykjavík City Centre, Canopy by Hilton, Hilton Reykjavik Nordica, Hilton Hotels & Resorts, Reykjavik Konsulat Hotel, and Curio Collection by Hilton

Icelandair Hotels Headquarter Location

Nautholsvegur 52

Reykjavik, 102,


+354 444 4000

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Latest Icelandair Hotels News

Icelandair: Improved operating results in Q4 2021

Feb 3, 2022

February 03, 2022 15:46 ET Summary Q4 2021 The recovery of Icelandair’s operations continued in the fourth quarter with capacity in the route network reaching 65% of Q4 2019 levels compared to 50% in the third quarter. Unit revenues in the quarter were only 3% lower than Q4 2019 despite a significant negative impact from the Omicron wave in December and lingering effects of the Delta wave in October. Total income totaled USD 193 million and more than tripled compared to the fourth quarter 2020. The opening of the US borders for European travelers in November was an important milestone allowing travel between all of Icelandair’s markets for the first time since March 2020. Icelandair carried around 545 thousand passengers in the fourth quarter 2021 compared to 52 thousand in the same quarter 2020. The market “to” Iceland was the Company’s largest market and accounted for 45% of total passengers. The load factor in the fourth quarter 2021 was 70.3% and improved by 1.9 percentage points compared to the third quarter despite the considerable negative impact of the Omicron variant on travel in December. On-time-performance in the international route network was 78%. The hard work and resourcefulness of the Company’s employees ensured minimal disruption to the flight schedule and smooth traveling for customers in the quarter, especially around the holiday season when many of the Company’s employees were impacted by the Omicron variant. Cargo operations continued to be strong with volumes and revenues exceeding pre-Covid levels, especially on the transit market. Revenue from the Company’s leasing operation increased between years although still being 60% of 2019 levels. Two of the leasing projects included 13 flights to Antarctica with scientists and tourists. These flights were successful and required extensive preparation by many departments within Icelandair, including flight and technical operations, maintenance, crew and training. Net loss in the quarter was USD 39.4 million and decreased by USD 43.9 million compared to 2020. EBIT improved between years by USD 24.6 million, which is the strongest EBIT result in the fourth quarter since 2016. The market price of fuel was on average 12% higher than in Q3 and 91% higher compared to Q4 last year. The Company’s financial position was strong at year-end with total liquidity amounting to USD 435.0 million and equity ratio at 19%. Bogi Nils Bogason, President & CEO "The year 2021 was a year of recovery. After having focused on preserving our infrastructure, knowledge and maintaining financial strength throughout the pandemic, we were in a strong position for an efficient ramp-up as soon as passenger demand started to increase in 2021. Using our flexibility to adapt to the situation at any given time, we went from serving only four destinations with 10 weekly departures from Iceland early in the year to 200 departures a week to 34 destinations during the summer peak. The total number of passengers on international and domestic flights was around 1.5 million and at the end of the year we had reached 65% of our 2019 capacity. We also strengthened our team, recruiting almost one thousand employees during the year. Our cargo services continued to return good results in 2021 with both volumes and revenue exceeding pre-Covid levels. Although our leasing operation was challenging during the year, we seized new opportunities on this front that contributed greatly to the Company’s revenue generation. At the same time as we ramped up our services, we took strategic actions to streamline and simplify our operations and further strengthen our focus on our core business, aviation. This included the integration of Air Iceland Connect, our domestic flight operation, into Icelandair, the sale of Iceland Travel and completing the sale of Icelandair Hotels. Our clear goals and focused strategy resulted in a strong recovery and robust financial position at the end of the year. Sustainability is at the center of our strategy, and we monitor our economic, social and environmental impacts throughout the year. It is a pleasure to announce ambitious new goals of reducing our carbon emissions. In line with the airline industry’s goals, we have made a commitment to reach net zero emissions by 2050. In addition, we have set a medium-term target of reducing our carbon emissions by 50% per operational ton kilometer by 2030 compared to 2019. Reaching these goals will require continued efforts through a combination of measures, such as fleet renewal, operational improvements, the implementation of sustainable aviation fuels as well as carbon offsetting. The implementation of the Boeing 737 MAX aircraft into our fleet is an important contributor to reducing our emissions, in addition to the operational efficiencies that they bring to our business and the great fit within our network and future plans. We took delivery of three new MAX aircraft during the year and are receiving additional five in 2022, bringing the total number of MAX aircraft to 14 this summer out of a total of 30 aircraft within our international passenger network fleet. To better reflect our ambitious strategy, focusing on digital transformation and customer experience, we have made changes to our organizational structure and strengthened our team. With a clear strategy, a robust financial position and an outstanding team of employees, I believe we are in a strong position to take advantage of market opportunities and reach our primary post-pandemic objective to return to sustainable operating results. We are aiming for a 3-5% EBIT ratio and to turn a net profit for the full year 2022. However, various factors, such as possible continued impact of the pandemic on demand and fluctuations in fuel price can affect the Company’s operations and financial results. I would like to thank our employees for their sheer dedication and hard work, our shareholders for their continued support and last but not least our customers for their trust throughout challenging times and their encouragement as we step into a brighter future." Webcast 4 February 2022 An investor presentation will be webcast in relation to the publication of the results at 8:30 GMT on Friday, 4 February 2022, at . Bogi Nils Bogason, President & CEO of Icelandair Group, and Ivar S. Kristinsson, CFO, will present the Company’s results and answer questions. The presentation and Q&A will take place in English. The presentation will be available after the meeting on the Icelandair Group website: and under Company News on:

  • Where is Icelandair Hotels's headquarters?

    Icelandair Hotels's headquarters is located at Nautholsvegur 52, Reykjavik.

  • What is Icelandair Hotels's latest funding round?

    Icelandair Hotels's latest funding round is Corporate Majority.

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