The Hotel Industry in Modum: Current Status and Future Prospects

The hotel industry in Modum is a small but economically stable cluster of companies. There are a total of 3 registered companies in the sector, with combined sales of NOK 33.5 million in 2023. The most significant player is Tyrifjord Hotel, which operates in Vikersund and has 48 employees. The industry shows a mix of stability and challenges, with positive development after the pandemic, but also variations in organizational forms and operational results.

Economic Trends

Sales and Employees:

• Sales in Modum's hotel industry have ranged between NOK 16.9 million (2020) and NOK 33.5 million (2023), with an increase of +11.5% from 2022 to 2023.
• Number of employees has been most stable, with 44 employees in 2023, but a decline of -4.5% from 2023 to 2024.

Operational Results:

• Tyrifjord Hotel has an EBITDA margin of 6% and an operating margin of 5%, indicating relatively good operational efficiency.
• Kongsfoss Pension and Tyrifjord Holding AS, however, have zero sales and negative EBITDA, which may indicate operational challenges or specialized operational models.

Table: Sales and Employees per Year

Conclusion: The industry has shown a gradual recovery after 2020, but with variations in individual companies' operational results.

Registered Companies in the Sector

1. Tyrifjord Hotel (Sundveien 22, Vikersund)

• Organizational Form: AS
• Founded: 1982
• Employees: 48
• Sales: NOK 33.8 million
• EBITDA: NOK 2.2 million
• Operational Result: NOK 2.0 million

1. Kongsfoss Pension Harald Aronsen (Sinkveien 15, Åmot)

• Organizational Form: ENK
• Founded: 1995
• Employees: 0
• Sales: NOK 0
• EBITDA: NOK 0

1. Tyrifjord Holding AS (Sundveien, Vikersund)

• Organizational Form: AS
• Founded: 2005
• Employees: 0
• Sales: NOK 0
• EBITDA: NOK -86,000

Organizational Form Statistics:

• AS is the dominant form, with 1 company and 48 employees.
• ENK is represented by 1 company, but without employees or sales.

Conclusion: The industry is dominated by a few large companies, with significant variation in operational results and organizational forms.

Geographic Distribution of Activity

The hotel industry in Modum is concentrated in Vikersund, with 1 company and 48 employees. Vikersund is therefore the most important geographic actor in the sector. Åmot has 2 companies, but these have no employees or sales. This indicates that Vikersund is the primary area for hotel operations in the municipality, while Åmot has less activity.

Table: Geographic Distribution

Conclusion: Vikersund is the most important area for the hotel industry in Modum, with a clear dominant role.

Operational Dynamics and Bankruptcy Statistics

Bankruptcy Statistics:

• There are no bankrupt companies in Modum's hotel industry, indicating relatively stable operations.
• Tyrifjord Holding AS, however, has a negative EBITDA of NOK -86,000, which may indicate operational challenges.

Operational Variations:

• Tyrifjord Hotel has a larger operational efficiency with NOK 2.2 million EBITDA and NOK 33.8 million sales.
• Kongsfoss Pension and Tyrifjord Holding AS have no sales and negative EBITDA, which may indicate specialized operational models or temporary challenges.

Conclusion: The industry shows a mix of stability and variations, with no bankruptcies, but variations in individual companies' operational results.

Future Prospects for the Hotel Industry in Modum

The hotel industry in Modum has shown a gradual recovery after 2020, with an increase in sales from NOK 16.9 million (2020) to NOK 33.5 million (2023). This indicates an increasing demand for hotels and accommodation in the municipality. However, it is important to note the variation in individual companies' operational results, which may affect future development.

Potential Development Trends:

• Tyrifjord Hotel could be a major player in the future, with a good operational efficiency and a stable number of employees.
• Kongsfoss Pension and Tyrifjord Holding AS may have specialized operational models, but may need adjustments to become more operationally stable.

Conclusion: The hotel industry in Modum has growth potential, but needs greater diversification and strengthened operational efficiency to become more robust in the future.

Comparison with the Accommodation Industry in Modum

The accommodation industry in Modum is a broader sector than the hotel industry, with 10 companies in total. This includes both hotels, camping, and cabins, providing a more diversified structure. Compared to the hotel industry, the accommodation industry has a larger number of employees and higher sales.

Table: Comparison of Accommodation and Hotel Industry

Peer Companies in the Accommodation Industry:

• Gulsrud AS (Gulsrudveien 20, Vikersund): NOK 1.5 million sales, 12 employees, NOK 506,000 EBITDA.
• Stiftelsen Gausdal Leirsted (Gausdal leirsted, Åmot): NOK 1.3 million sales, 0 employees, NOK 279,000 EBITDA.
• Natvedt AS (Øst-Modumveien 248, Vikersund): NOK 385,000 sales, 1 employee, NOK 8,000 EBITDA.

Conclusion: The accommodation industry in Modum is more diversified and has more companies, which may provide better operational opportunities for new players.

The hotel industry in Modum has shown stable development with an increase in sales after 2020, but with variations in individual companies' operational results. Vikersund is the most important area for hotel operations, with Tyrifjord Hotel as the most significant player. Future development may depend on strengthened operational efficiency and diversification of operational models. The accommodation industry in Modum is a broader sector with more companies and higher sales, which may provide better opportunities for new players. SmartGrunder can help entrepreneurs find suitable addresses and locations in Modum for the hotel and accommodation sector.