Scandic Hotels acquires remaining shares in Nordic Hotel Oy

Scandic Hotels acquires remaining shares in Nordic Hotel Oy Scandic Hotels is to acquire the remaining 40 per cent of shares in the hotel and catering company Nordic Hotel Oy in Finland. The decision was a natural follow-on from Scandic's acquisition of the Arctia hotel chain in 1998. Through its acquisition of the Arctia chain, Scandic acquired a 60 per cent shareholding interest in Nordic Hotel Oy. Nordic Hotel Oy operates in Helsinki with the Hotel Inter-Continental Strand and the Inter-Continental Helsinki, as well as the Gateway Hotel at the airport. The hotels have been included in Scandic's hotel system since 1998. The latest transaction will have a positive effect on Scandic's financial results for the current financial year. For further information, please contact: Roland Nilsson, President & CEO, @ +46 (0)8 517 352 00 Anders Lilius, Vice President @ +46 (0)8 517 350 00 Aarne Hallama, Scandic Hotels Oy @ +358 (0)9 616 43 410 Mauri Annala, Finnair Oy, @ +358 (0)9 818 41 00 Scandic Hotels is the largest hotel operator in the Nordic region, with 122 hotels in 9 countries. Scandic's strategy is to be a dedicated hotel operator. Its business mission is "to offer many people the highest value for money when staying in its hotels, during work and leisure". Scandic Hotels AB (publ) Box 6197, SE-102 33 Stockholm, Sweden Tel: +46 (0)8 517 350 00. Fax: +46 (0)8 517 352 80. E-mail: info@scandic-hotels.com, Internet: www.scandic-hotels.com Org. no.: 556299-1009 www.scandic-hotels.com ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/04/15/19990415BIT00130/bit0001.doc http://www.bit.se/bitonline/1999/04/15/19990415BIT00130/bit0002.pdf