On buying Restel’s hotel operations in December, Scandic became the market leader in Finland.
Scandic Hotels says it has completed the rebranding of the former Cumulus hotels belonging to the Finnish hotel company Restel to the Scandic brand, which it took over late last year.
Scandic bought Restel’s hotel operations in December 2017 with 43 hotels and around 7,600 rooms, most of which were operating under the Cumulus brand.
The acquisition automatically made Scandic the market leader in the hotel industry in Finland and gave it “a considerably stronger position in the growing leisure segment”, the company says.
“We now have a strong presence in Finland, which during the first quarter accounted for a quarter of Scandic’s net sales,” explains Even Frydenberg, president and chief executive of Scandic Hotels Group.
“We see great potential for revenue synergies when the hotels are fully integrated into our strong distribution system. We estimate that the acquired hotels will start contributing positively to Scandic’s EBITDA during the second quarter.”
The process of rebranding the hotels began in February, with Scandic rebranding an average of three hotels a week.
“Acquiring Restel was the most significant event for Scandic last year and I am extremely proud that our team members have worked so quickly and professionally with the integration,” commented Aki Käyhkö, managing director of Scandic Hotels in Finland.
“Thanks to this acquisition, we now have very good geographic reach in Finland, offering our guests the chance to enjoy great hotel experiences in 15 new locations.”