Scandic to take over prestigious hotels

Company signs deal for portfolio of eight properties
Scandic Hotels reveals this morning that it has signed a deal with property owners Pandox and Eiendomsspar to take over the operation of eight hotels in Norway, Sweden and Denmark.
The agreement covers a total of 1,708 rooms of which 1,136 are in Norway, 357 in Stockholm and 215 in Copenhagen. Seven of the hotels are owned by Pandox and one is owned by Eiendomsspar, but Pandox operates all of the hotels.
The parties have agreed on long-term variable revenue-based lease agreements. Scandic has also agreed to renovate and extend the existing lease for the Scandic Holmenkollen Park Hotel in Oslo.
Oslo’s landmark hotel the Grand, which dates from the late 19th century and has undergone extensive renovation over the last 18 months, is included in the deal.
The Grand Hotel, owned by Eiendomsspar, will become Scandic’s sixth signature hotel in the Nordic countries. The ‘by Scandic’ signature properties have “a unique character, design and offering that set the collection apart”, Scandic says.
The Lillehammer Hotell, Meetingpoint Hafjell, Thon Hotel Fagernes and Thon Hotel Sørlandet in Norway are also included as well as the Best Western Plus Prince Philip and The Hub Hotel in Stockholm and First Hotel Copenhagen in Copenhagen.
All have a strong position in the meeting, business or leisure segments in their respective markets. The transfer will be carried out from 2017 and they will quickly be rebranded to the Scandic brand.
TTG Nordic