Flying Elephant AS has entered into a business combination agreement with Kilmont AS and Stranden Company AS for the merger of First Hotels and Tribe Hotels (controlled by Flying Elephant) and Belvar AS. The company name for the new group will be Maribel.
First Hotel is franchisor in the First Hotel chain which includes both franchise agreement with companies outside the company group and franchise agreement with the group company Tribe Hotels. Belvar is franchisee in the Marriott hotel chain.
Maribel will have turnover in 2018 of approx. NOK 2 billion on consolidated basis. Maribel will initially have more than 11,500 rooms in their portfolio, covering a total of 12 countries. Currently, the hotels operate under the trademarks First Hotels, Moxy Hotels and Courtyard by Marriott. Belvar has signed operational agreements for over 9,000 new rooms in a total of 45 hotels set to open over the next two years, and Maribel will through this expansion be represented in 15 countries. Maribel will after this expansion include 158 hotels.