Scandic Hotels Group Completes Acquisition of Dalata Hotel Operations

Scandic Hotels Group completed its acquisition of Dalata Hotel Group’s hotel operations business at an underlying enterprise value of €500 million; the final cash consideration remains subject to customary cash, debt and working-capital adjustments. The deal covers operations at 32 hotels in Ireland and the UK, whose properties remain owned by Pandox. Scandic has signed new 30-year, revenue-based leases with Pandox, expanding its operating footprint into both markets.