Scandic has entered into an agreement to acquire Rica Hotels. With the addition of 72 Rica properties to its existing portfolio, Scandic says it is further strengthening its position as the leading hotel chain in the Nordic region.
In Norway alone, Scandic?s coverage will be increased by 65 hotels, making it a ?nationwide chain? there, Scandic says.
?With the acquisition of Rica, we will rise to a new level in the Nordic hotel sector,? Frank Fiskers, Scandic?s president and CEO, says. ?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.?
Today, Scandic has 151 hotels in the Nordic region, including 19 in Norway, while Rica Hotels? portfolio includes 65 hotels in Norway and seven in Sweden.
?We?ve found an excellent home and partner for the Rica hotels and Rica employees,? Rica?s founder Jan E Rivelsrud said.
The Rivelsrud family will continue its involvement in the hotel sector through Rica Eiendom Holding. This company owns 20 of the properties in the Rica Hotels portfolio, which will continue to be operated with Scandic as leaseholder.
The transaction is subject to regulatory approval in Norway and Sweden. Following completion of the transaction, it is expected that there will be an orderly transition of Rica hotels to the Scandic brand.