Scandic Hotels Group, which is among the top European hospitality actors, announced its purchase of Restel's operations in Finland for about €115 million. This deal aims at extending its footprint on the Scandinavian market as a whole.
"This is an important step forward for Scandic Hotels," said Frank Fiskers, President & CEO of Scandic, "one that will give us a strong network in the Finnish market. We look forward to operating and developing these hotels under the Scandic brand."
Aki Käyhkö, Managing Director of Scandic Hotels Finland, added: "Our hotel portfolios complement each other very well. This deal will give us presence in 15 new locations in Finland and greater exposure in the growing leisure segment."
Scandic had already bought its competitor Rica Hotels back in February 2014, enabling its hotel portfolio to grow by 72 properties in Norway and Sweden.
This new acquisition is bound to reinforce the group's position in Finland, Scandinavia and Europe. As of January 1, 2017, Scandic Hotels Group is the 16th largest hotel group in Europe with 139 properties and 25,994 rooms, according to data published by Hospitality ON.
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