SCANDIC ACQUIRES RICA

Scandic has acquired 72 Rica hotels after entering an agreement with the hotel group. All located in the Nordic region, the vast majority of the hotels (65 of them to be exact) are in Norway, thus securing Scandic’s position as a nationwide chain. Frank Fiskers, president and chief executive officer of Scandic, commented, “With the acquisition of Rica, we will rise to a new level in the Nordic hotel sector. We will strengthen our portfolio with 72 highly regarded Rica hotels in attractive locations, and our guests will soon be able to choose from 223 hotels throughout the Nordic region.” The current owners of Rica Hotels, the Rivelslud family, will keep their hand in with the hotel sector through the company Rica Eiendom Holding, which retains ownership of 20 of the properties in the Rica portfolio. These hotels will continue to be operated with Scandic as leaseholder.

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