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Following an agreement with Pandox and Eiendomsspar, Scandic Hotels is set to take over the operations of eight hotels in Norway, Sweden and Denmark.

The initiative entails further cooperation between the parties and a strengthened position for Scandic Hotels in the Nordic markets.

The acquisition covers a total of 1,708 rooms of which, 1,136 are in Norway, 357 in Stockholm and 215 in Copenhagen.

Seven of the hotels are owned by Pandox and one is owned by Eiendomsspar.Pandox operates all of the hotels.

The parties have agreed on long-term variable revenue-based lease agreements for the hotels.

Scandic Hotels and Eiendomsspar and Rica Eiendom have also agreed to renovate and extend the existing lease for Scandic Holmenkollen Park Hotel in Oslo.