Scandic has signed an agreement to divest the hotel operations of Cumulus Kuopio Station in Kuopio, Finland to Lapland Hotels OY. The buyer will take over the operations of the hotel, which has 141 rooms, on November 1, 2018.
The reason for the disposal is that the decision by the Finnish Competition and Consumer Authority to approve Scandic’s acquisition of Restel was subject to the divestment of one hotel in Lahti, one in Pori and one in Kuopio. On June 20, the sale of Cumulus Pori was announced and Scandic has initiated a process to divest Scandic Lahti.
– We are satisfied with this agreement. Lapland Hotels OY is an established hotel operator in Finland and the ideal fit for driving Cumulus Kuopio Station forward, says Aki Käyhkö, Managing Director of Scandic Hotels Finland.
The selling price for Cumulus Kuopio Station amounts to approximately 10 MSEK and the transaction is not expected to give rise to any significant effect on earnings.