OSLO, June 18, 2025
The Thief hotel in Oslo, owned by Petter Stordalen, hasn’t turned a profit in six years, but a renovation and new concepts, including a champagne bar, aim to change that trajectory. The luxury hotel is experiencing a surge in guests this summer,primarily from the United States,the UK,and the Middle East.
The Thief, a luxury hotel in Oslo, is implementing changes to improve profitability after several years of financial losses.
- The thief has been operating at a loss for six years.
- Renovations and new concepts are underway to reverse the trend.
- The hotel is seeing a record number of guests this summer.
Is The Thief hotel profitable? No, The Thief hotel in Oslo has not made money in six years. The operating company had an operating deficit of NOK 7.7 million last year, a decline from NOK 1.6 million in 2023. Despite high room prices and a popular ranking, rising costs have made profitability a challenge.
The hotel director, Robert Holan, reports that the summer season is going well. Occupancy in May and June has been upwards of 90 percent.This is a significant enhancement over last year. The hotel attributes its success to a weaker Norwegian krone and a trend toward cooler destinations.
Renovations and New Concepts
The entire hotel underwent a refurbishment last year. This included replacing all furniture, changing color schemes, updating restaurants and bars wiht new concepts and menus, and adding a new champagne bar. Holan stated, “All the rooms, restaurants, bars and roof terrace are refurbished, and it is a brand new product.”
the Thief’s Standing
Opened in 2013, The Thief boasts 114 rooms. Known for its modern art, exclusive service, and spa offerings, the hotel commands some of the highest room prices in the city. The hotel was ranked the fourth-best in the world last year and the best in Northern europe by readers of Condé Nast traveler.
Financial Challenges
Despite the hotel’s popularity, profitability has been a struggle. The hotel’s operating company reported a deficit of NOK 7.7 million last year, a dip from NOK 1.6 million in 2023. Operating revenues decreased to nearly NOK 128 million from approximately NOK 137 million the previous year, with an annual profit of minus NOK 6 million.
Holan acknowledges rising costs, stating, “There are big costs associated with running a hotel and restaurant at the moment… everything from peppers to personnel has become much more expensive in recent years.”
Looking Ahead
The Thief aims for its best turnover ever.Holan notes that a regular room costs from NOK 4,500 a day, with upgraded rooms costing up to NOK 16,000 over a weekend. he concludes,”The ambition is to have the best turnover ever. We are also on track to manage.”
Strategies for Profitability
What specific steps is The Thief taking to reverse its financial fortunes? The hotel’s strategy focuses on three key areas: attracting high-spending guests, optimizing revenue through enhanced services, and controlling costs. Room prices range from NOK 4,500 to NOK 16,000 per night, illustrating the premium market the hotel targets. But driving demand isn’t enough.
One of the primary methods is controlling expenditures. “everything costs more,” Holan admits.The hotel scrutinizes all expenses, from food and beverage to personnel. The Thief’s management is actively working on “improving price management,” suggesting a focus on revenue maximization and cost efficiencies to address the operating deficit.
Benefits & Practical Tips
Here are some actionable strategies for hotels operating in a competitive market:
- Focus on Niche Markets: Target specific demographics, like luxury travelers, to maximize room rates and spending.
- Enhance Guest Experiences: Improve service qualities, offer exclusive amenities, to justify premium pricing.
- Refine Price Management: Use dynamic pricing models to adjust rates based on demand, seasonality, and competitor pricing.
- Control Operating Expenses: Perform regular cost audits,negotiate with suppliers,and optimize staffing levels to boost profit margins.
- Invest in Marketing: Develop brand awareness through effective marketing campaigns, and by building a strong online presence.
Case Study: Other Hotels in Oslo
The Thief isn’t alone in facing challenges; several luxury hotels in Oslo are working towards profitability. The Grand Hotel, a historic landmark in the city, has also invested in renovations and marketing, seeking to attract both leisure and business travelers. In contrast, The Sommerro, another luxury hotel, has been focused on sustainable practices to cater to a growing number of eco-conscious travelers.
Myths vs. Facts
There are misconceptions about luxury hotels versus their actual operations. Here’s a breakdown:
| Myth | Fact |
|---|---|
| High room rates automatically guarantee profits. | high operating costs, including staffing, supplies, and marketing, can erode profits. |
| Popularity ensures financial success. | The hotel can be popular and highly ranked,but without effective cost control and revenue management,profitability can be challenging. |
FAQs
What is the main reason for The Thief’s financial losses? Rising operating costs and expenses are the primary contributors to the hotel’s financial struggles.
How is The Thief trying to improve its profitability? The hotel aims to improve its financial standing through renovations, cost control, and dynamic pricing.
Why is The Thief popular among guests? The thief’s popularity stems from its unique art-focused design, exclusive service, spa offerings, and luxury amenities.
What strategies can other hotels use to increase profits? Other hotels can focus on specific niche markets, refining price management, and controlling operating expenses to increase profits.
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