The hotel opens summer 1932 for previous years' guests and stockbroker Molin and wife. He talks timber business with Madsen. There's Midsummer Eve bonfire on the beach. Amanda thinks of making filmed ads with Weyse.
Molin is still trying to sell timber to Madsen. Frigh arranges a croquet contest for the guests. Will Ditmar, arriving with Mitzi and mom, consummate his marriage? Where is Ane, when she's "visiting her dad"?
Walther asks Edith out. Otilia secretly brings Aurland Politiken and borrows a novel. He helps her with a teaching career. An ad's filmed on the beach. The timber deal is now or never.
Weyse thinks, Severin's been bitten by a viper and drives him to the hospital. Molin sabotages his wife's acting plans. She takes revenge. Frigh tries to sell the factory with Molin's help.
Madsen considers Morten's offer to split the partnership. Fie and her dad try to track down Jesper to find Ane's baby. Mitzi finds out that Ditmar is gay. Her brother visits with 5 Hitler Jugend friends.
Copenhagen, January 1933: Weyse just married Mrs. Aurland. Madsen and Frigh decide to surprise him at the hotel. Fie opens the hotel. The rest of the usual guests show up. Big changes follow.