• Scandic remains upbeat

Scandinavia has so far proved one of the most resilient areas in Europe during the current downturn so it is no surprise to find Scandic in confident mood.

The private equity backed group this week said that its expansion plans remain "undiluted" by the economic downturn although it admitted deals were taking longer.

Revpar for the full year 2008 was up to Eu63.2 compared to 2007's Eu61.6. But the second half of this year saw revpar slump to Eu61.6 compared to the Eu63.5 achieved in the second half of 2007.

CEO Frank Fiskers said: "The outlook for 2009 is difficult with low visibility and great uncertainty. We have all along assumed that the first quarter would be difficult and this seems to be the case."

During the year the company added six hotels bringing its total to 138 properties. It signed eight hotel projects. Recent hotel flags include its first entry into Poland where it picked-up two former Holiday Inns.

The company wants to hit 200 hotels within the next five years.

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