Scandic Bags 72 New Hotels With Acquisition Of Rival Rica

Law360, New York (February 11, 2014, 1:08 PM ET) -- After months of secret negotiations dubbed "Project Snowfall," Sweden-based Scandic Hotels AB has struck a deal to purchase rival hotelier Rica Hotels AS and add 72 of Rica's hotels to its Nordic region portfolio, Scandic's president said Tuesday.

Per the deal, which is pending anti-competition regulatory approvals, Rica will hand over 48 brand-owned hotels and 24 franchised operations spread across Norway and Sweden, it said. Also included are two pipeline projects that are set to open later this year.

The deal, however, does not include 22...
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