by Cheryl-Anne Sturken | February 13, 2014
Norwegian hotel company Scandic has entered into an agreement to acquire competitor Rica Hotels. The addition of Rica's portfolio of 72 properties will expandic Scandic's footprint to 223 hotels across Norway and Sweden. "We've found an excellent home and partner, and together I am convinced that our companies will form an even more inviting presence in the Nordic regions, with a solid basis for continued growth and a commitment to the further development of tourism in our markets," said Rica founder Jan E. Rivelsrud. Upon completion of the transaction, which is subject to regulatory approval in both Norway and Sweden, all Rica properties will be rebranded under the Scandic brand.