NEW YORK Scandic Hotels has signed an agreement for the sale of five former Provobis hotels. Elite Hotels of Sweden is to acquire three hotels located in Jonkoping, Vaxjo and Luleo. Meanwhile, MJN Hostell is to acquire the Grand Hotel in Halmstad and the Hotel Galaxen in Borlange.
Together the hotels have a total of 622 rooms. The sale price was not disclosed. Proceeds from the sale will be used to reduce the goodwill created through Scandic s acquisition of Provobis. (11/22/00)
SOURCE: HVS International