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Hilton selling Scandic chain
Hilton Hotels has exchanged contracts to sell its Scandic Hotel chain to private equity group EQT for approximately US$1.1 billion.
It expects net proceeds after transaction costs and taxes to be around $1.04 billion.
The transaction is expected to be completed in April, subject to clearance from the European Union regulators.
Hilton announced in August 2006 that it was looking to sell all or part of the Scandic business.
The transaction involves the sale of 132 hotels, of which 128 are Scandic hotels and three are Hilton hotels, plus one other hotel.
Of the 132 hotels, three are owned, 121 are leased, five are managed, and three are franchised.
Following the sale, Hilton will continue to have a presence in Nordic with six Hilton hotels – three in Finland (including the Hilton Helsinki Vantaa Airport due to open in August 2007), two in Sweden and one in Denmark at Copenhagen airport.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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