Hotel owner Norgani is being sold for NOK11.2bn (US$2.2bn) to an undisclosed group of buyers just eight months after current owner Norwegian Property succeeded in a bid battle to take it over.
The move has been made by Norwegian due to a cash crisis that would have forced it into a rights issue without the disposal.
The names of the buyers will be disclosed in the middle of this month once a share purchase agreement has been signed. Aberdeen Asset Management, the under bidder in the previous auction of Norgani, said it was not part of the consortium buying the hotel owner this time around.
The value of Norgani has increased by NOK1bn since it was sold in September last year, according to the latest terms. The sale is expected to complete by mid June.
Norwegian Property's CEO Petter Jansen said in a statement that the acquisition and subsequent disposal of Norgani "documents a good and shareholder friendly investment, though more short-term than expected".
The 73 hotels and one conference centre in Norgani's portfolio total 12,804 rooms of which 54% are in Sweden, 24% in Finland and 19% in Norway. The biggest brand is Scandic, with 57% of the rooms, then Choice with 21% and then Radisson SAS at 5% and Hilton at 3%.