Family puts Beitostølen resort up for sale in Norway after 60 years of ownership

A family in Norway is putting the Beitostølen resort up for sale, a major tourist destination that encompasses a ski area, hotels, a shopping center, and several residential units. The Hovi family, owners for 60 years, believes now is the right time to sell since there is no next generation ready to take over. Atle Hovi mentioned that their properties are projected to generate rental income exceeding 100 million NOK (approximately 10 million USD) by 2025.

Beitostølen is recognized as one of Norway’s largest tourist attractions, featuring seven ski lifts and a range of accommodations. The selling agency, Nordhaven, expects strong demand due to an influx of tourists and favorable market conditions, including a rise in currency value and the conclusion of high-interest rates.

Atle Hovi expressed a desire to explore the market until Christmas, after which they will decide whether to find a buyer or continue operations themselves. The local mayor, Bjarne Budal, respects the family’s decision but sees it as a bittersweet development while remaining optimistic about the future of Beitostølen.

However, concerns have been raised by BI professor Ragnhild Silkoset, who highlights the potential risks of having a single dominant player in the local market. She believes that the community could become vulnerable if the new owner were to face financial difficulties. She argues that selling the resort piece by piece would mitigate these risks, ensuring a competitive environment. Hovi, on the other hand, insists that the focus is on finding a suitable buyer who can enhance Beitostølen’s appeal and maintain its local economy.

Ultimately, the Hovi brothers are determined to ensure that Beitostølen continues to thrive, regardless of whether the new owner is Norwegian or foreign.