In February, Faroese insurance company Lív and Atlantic Airways announced that they had begun the process of establishing a mortgage company with the aim of building a new hotel with around 130 rooms at Staravegur in East Tórshavn.
Atlantic Airways and Lív stated at the time that the main aim of the project was to develop the Faroese tourism industry.
Atlantic Airways will run the hotel which is expected to cost DKK 120 million.
The hotel is set to open in the first half of 2020. What is more, Martin Restorff has been appointed as the CEO of the new hotel.