SCANDIC ACQUIRES RESTEL PORTFOLIO IN FINLAND
Scandic Hotels Group has signed a deal to acquire Restel’s hotel portfolio across Finland, which comprises 43 hotels (approximately 7,600 rooms), for €114.5 million on a cash and debt-free basis. Scandic currently has 28 hotels in Finland in operation or under development. Seven of the hotels in the Restel portfolio are run under franchise agreements with InterContinental Hotels Group; most of the remaining properties are operated under the Cummulus chain and will be reflagged as Scandic hotels over time. This deal makes Scandic the largest hotel company in Finland.