Canadian company buys into geothermal lagoon project near Reykjavik, Iceland

House of Iceland's President, Alftanes/ Iceland (source: flickr: riggott, matito, creative commons)
Alexander Richter 29 Jul 2019

Canadian experiential services company VIAD announces $11 million investment into geothermal lagoon spa project near Reykjavik, Iceland.

Canadian experiential services company VIAD has shared planned investments into a geothermal lagoon project in Iceland.

The company operate several travel experiences operations in Canadian national parks, the U.S., as well as in Reykjavik, Iceland. Among them are attractions, such as the Flyover experiences, hotels and transportation operations.

In Iceland, the company is just to start a Flyover Iceland attractions and has announced plans for the development of a geothermal lagoon.

The company plans to open the new lagoon in 2021, situated on an ocean-front lot just outside of downtown Reykjavik with “iconic views of the ocean and the mansion of Iceland’s President”.

With an investment of CAD14 million (around USD 11 million), the company acquired a 51% controlling stake in the Icelandic entity that will operate the new lagoon. The non-controlling operating partner is also the developer and the owner of the lagoon property. Pursuit (a subsidiary of VIAD) will manage all aspects of the guest experience, bringing its expertise in building and operating world-class attractions and hospitality experiences.

The Icelandic company Geothermal Lagoon ehf. is behind the project.

Source: Viad company release, earnings call