Scandic Hotels Delighted With Restel Integration as Profits Rise
Photo Credit: The Cumulus Helsinki Hakaniemi, one of the hotels taken over as part of the Restel acquisition. Scandic Hotels Group
Skift Take
It sounds like the Restel deal has gone relatively smoothly for Scandic. Might the company now set its sights on other targets? Or will it become a target itself?
The CEO of Scandic Hotels Group, Even Frydenberg, is banking on the acquisition of a regional rival having a “big impact” on the company in 2019.
Scandic announced the a $127 million deal to buy Restel’s Finnish hotel portfolio more than a year ago but these types of purchases take time to bed in. Scandic completed its rebranding work at the end of June and has also agreed to sell two of the 43 properties it bought.
Scandic’s two biggest markets are Norway and Sweden but the deal gives it a much stronger
