Hotel SØMA

GrønlandsBANKEN has high expectations for tourism in the coming years.
The bank serves as both sparring partner and lender for the hotel industry and is currently pleased with its collaboration with the hotel chain SØMA.

By Jacob Egevang

As Greenland moves into a period of significant investment in construction and tourism, GrønlandsBANKEN aims to play a central role as a financial and strategic partner. The bank works closely with developers, contractors, and businesses within tourism and accommodation, and is pleased to contribute to growth in this sector, which is vital to the country as a whole.

“We know what it takes to build and run a business up here,” says Jesper Overgaard Sørensen, Head of Property Financing at GrønlandsBANKEN.

“We provide advice based on Greenlandic conditions and support both traditional construction projects and the growing demand within tourism—particularly when it comes to hotel capacity in Greenland.”

For decades, GrønlandsBANKEN has been a close partner in construction and business projects across Greenland—from residential buildings to hotel expansions and infrastructure investments. With access to mortgage lending through Nykredit and DLR Kredit, the bank offers a range of financing solutions with fixed interest rates and long maturities. This provides financial stability and security in large-scale projects, which typically have long timelines and substantial capital needs.

SØMA – more than just hotels

A strong example of GrønlandsBANKEN’s commitment to developing tourism is its long-standing collaboration with Sømandsmissionen, which operates four hotels in Greenland. SØMA is a rare case: a non-profit hotel chain run by the Danish Seamen’s Mission. In addition to offering accommodation, spa, and conference facilities, the organization—with locations in Nuuk, Ilulissat, Sisimiut, and Aasiaat—is also actively involved in social work in Greenland’s port towns.

The hotel chain serves as the financial foundation for Sømandsmissionen’s work, which includes providing free meals to the homeless, distributing gifts to seafarers, and organizing social initiatives such as knitting clubs, children’s activities, and other community-building events held at the hotels.

“We donate thousands of free meals to the homeless every year. We carry out diaconal work with seafarers—both local hunters and fishers, as well as international sailors who come to Greenland. In addition, we host a variety of social activities in our hotels that bring together Greenlanders and visitors to the country,” explains Mads Futtrup, Communications Manager at Hotel SØMA.

Hotel expansion in Sisimiut

SØMA is currently in the middle of a significant expansion of its hotel in Sisimiut, increasing the number of rooms from 34 to 56. New conference facilities and expanded wellness areas will meet the rising demand from both business travelers and tourists.

“We are a financially sound organization, but a project of this scale requires thorough planning and strong financial guidance. GrønlandsBANKEN is an important partner for us in terms of the financing model and strategic direction of the expansion,” emphasizes Mads Futtrup.

For GrønlandsBANKEN, it is a positive development to support the hotel’s expansion, and SØMA’s strong Corporate Social Responsibility (CSR) profile makes the collaboration even more meaningful.

“We naturally appreciate that SØMA takes social responsibility and contributes to the community in Greenland. It’s a great inspiration to see how business projects and social initiatives can be integrated—and we support that with both capital and advisory services,” says Jesper Overgaard Sørensen from GrønlandsBANKEN.