June 21, 2017 / 7:42 AM / 5 months ago

Scandic buys 43 hotels in Finland for $127 million

HELSINKI, June 21 (Reuters) - Sweden’s Scandic Hotels plans to buy 43 hotels in Finland from Restel Oy for 114.5 million euros ($127 million), the companies said on Wednesday.

The deal will make Scandic the largest hotel operator in Finland.

Restel’s hotel operation, which it runs mainly under the Cumulus brand, had sales of around 203 million euros last year.

Scandic currently has 28 hotels in Finland and 230 in total, mainly in the Nordic region.

“This deal will give us presence in 15 new locations in Finland and greater exposure in the growing leisure segment,” Aki Kayhko, managing director of Scandic Hotels Finland, said in a statement.

The deal, subject to regulatory approvals, is expected to close by the end of 2017.

$1 = 0.8983 euros Reporting by Tuomas Forsell; editing by Jussi Rosendahl

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