Scandic to Sell Scandic Hasselbacken in Stockholm

Main Photo: Scandic Hasselbacken, Stockholm

Date: February 2019

Location: Stockholm’s Djurgården island, Sweden

Name: Scandic Hasselbacken

No. of Keys: 113

Seller: Scandic, who have operated the hotel since 1992

Buyer: Pop House AB which among other things also operates the nearby ABBA The Museum and Pop House Hotel. Pop House AB also recently acquired the historic Cirkus theater complex located beside the Scandic Hasselbacken.

Today, Scandic signed an agreement for the sale of Scandic Hasselbacken in Stockholm. The selling price amounts to around 230 MSEK on a debt-free basis. The transaction is expected to result in a capital gain of approximately 180 MSEK for Scandic. The new owners will take over the operation of the hotel on March 1, 2019.

We’re very happy to have reached an agreement, and we’re certain that Pop House AB will be successful in further developing the hotel with their other operations nearby, says Peter Jangbratt, Head of Scandic Hotels Sweden.

– Scandic Hasselbacken has a unique location near the new owner’s other operations, and as we hand over the operations of the hotel, we are convinced that it will play an important role in their concept, says Jens Mathiesen, President & CEO of Scandic Hotels Group.

In 2018, Scandic Hasselbacken contributed approximately 90 MSEK to Scandic’s net sales and 10.5 MSEK to its adjusted EBITDA. The sale will be recognized in the first quarter 2019.

Scandic is the largest hotel company in the Nordic region with 18,000 team members and a network of around 280 hotels in operation and under development in more than 130 destinations.

Price: SEK 230m

Price per Key: SEK 2,035,398 – around €193,324

THPT Comment: Interesting theatre and attractions owners buys adjoining hotel! Scandic have been buyers rather than sellers of late.

First Seen: Scandic website

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