Scandic sells hotel in EstoniaFeb 20, 2013 10:45 GMT
Scandic Palace Hotel in central Tallinn, Estonia, will be sold to a new property owner and hotel operator on 30 April 2013. The new owners are EfTEN Real Estate Fund and Vello Kunmans AS Esraven. This deal sees Scandic Hotels streamlining its business as the Nordic region’s biggest hotel operator.
Scandic Hotels has owned the property and operated Scandic Palace in Estonia since 1999. Constructed in 1938, the building is located in central Tallinn. The new owners will continue to run a hotel on the premises, which means that the hotel personnel will transfer to the new ownership structure on 30 April 2013. A major refit will begin towards the end of 2013.
“We are pleased to have found new owners for the property who will continue running it as a hotel. Scandic’s core focus is on operating hotels, not owning property. Having found a buyer for the property and the hotel business in Tallinn, it is a logical step for our company to further streamline its operations, comments Scandic CEO Anders Ehrling.”
The sale of Scandic Palace in Tallinn will see Scandic end its presence in Estonia. Scandic would therefore like to thank all the team members in Estonia for their fantastic work for Scandic over the 14 years that it has operated in the country.
Scandic in brief
The Scandic Group is currently the Nordic region’s leading hotel chain, with 160 hotels in eight countries: Sweden, Denmark, Finland, Norway, Germany, the Netherlands, Belgium and Poland. Scandic’s continuing strategy is to build on the leading position of the chain’s hotel, restaurant and conference business. The hotel chain has attracted a great deal of global attention thanks to its long-term sustainability programme and unique accessibility work. Having started out in 1963, Scandic is celebrating its 50th anniversary in the hotel business this year.
For further information, please contact
Margareta Thorgren, VP Group Communication, Scandic, phone: +46 8-517 352 54,