Scandic comments on market development and ongoing rent negotiations
In November, Scandic’s average occupancy rate was approximately 20 percent due to extremely weak demand in all markets. Recently intensified rent negotiations have thus far led to agreements for rent reductions and offers for rent reductions from landlords totaling approximately 500 MSEK.In November, Scandic’s average occupancy rate was approximately 20 percent, a decline compared with 36 percent during the third quarter and 33 percent in October. In November, market RevPAR is estimated to have gone down between 68 and 74 in the Nordic countries. Demand has been weak in all markets due to