Scandic likely to be sold by Hilton
Hilton Hotel Corporation is exploring “strategic alternatives” for its Scandic brand.
This includes the possible sale of all or part of the 130-hotel chain which operates mainly in Sweden, Norway, Finland and Denmark.
Hilton owns only one of the hotels, with 120 leased, six franchised and three managed.
The Scandic brand was acquired as part of HHC’s purchase of the lodging assests of Hilton Group.
Separately, Hilton International is putting 10 hotels in Europe up for sale in Belgium, France, Germany, Luxembourg, Spain and Switzerland. Others potential sales are being evaluated outside the US by Hilton International, an HHC subsidiary.
HHC chief financial officer Robert Forgia said: “Hilton’s objective on asset sales is to support our stated strategy of generating a higher proportion of future earnings from managing and franchising hotels and less from hotel ownership.
“Any future sale of assets is a continuation of a process that began in early 2005. Since that time HHC has sold over $1.3 billion in assets and HI about $700 million.”
Report by Phil Davies
Phil Davies
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