The initiator of the hotel project was Arne Guttormsen. In the 1940s the county of Kongsberg had realized the need of a place for travellers to stay. There wasn't many motels or hotels in the city and with the Olympic Games coming to Oslo in 1952, the county saw the opportunity to promote the city and the industry of Kongsberg.
Arne Guttormsen bought the land from Kongsberg County in 1947. The initial application to the county stated hotel as primary business. There were some problems when trying to finance the project, since the hotel became a lot more expensive than initially planned.
The hotel opened 4 years later May 1951.
The hotel had 4 floors as well as a basement. The basement was used for storage and large arrangements, since the largest room held up to 250 people. The restaurant, bar and front desk was located on the first floor.
The hotel was later sold to Andresen, a famous shipowner. Ole and Guri Sel bought the hotel in 1967 and it has since then been in the family's possession. Gro Sel and Geir Aage Tveito has been in charge since 1990.Best Western Plus Gyldenløve Hotell, is now a member of the World's Largest Hotel Chain, Best Western, and has been so for quite some years now. The hotel is non-smoking and is certified with an enviromentally friendly program.