Faroese insurance company Lív and Atlantic Airways, the national airline of the Faroe Islands, have announced today that they have begun the process of establishing a mortgage company with the aim of building a new hotel with around 130 rooms at ”Staravegur” (Stara Road) in East Tórshavn.
Lív will own 60 percent of the shares in the company while Atlantic Airways will own the remaining 40 percent, and the hotel, which will be named Hotell Atlantic, is set to open in the first half of 2020.
Atlantic Airways will run the hotel which is expected to cost DKK 120 million.
According to Kringvarp Føroya, Atlantic Airways and Lív state that the main aim of this project is to develop the Faroese tourism industry.
Picture credits: Kontrast