The Biggest Property Purchase

Tuesday August 14, 2007

Norwegian Property, a real-estate company based in Norway's capital, wants to take over numerous hotels operated by hotel chain Scandic, Choice Hotels, and hotel chain Rezidor across Scandinavia.

The purchase of so many hotels will be Norway's largest property transaction in history and Norwegian Property should continue to grow - the company has become the leader in Scandinavia within 14 months and seems to be changing Scandinavia's hotel industry.

If Oslo-based Norwegian Property also manages to purchase Norgani Hotels, they will become the largest stock-listed real estate firm in Scandinavia, with over 130 hotel properties worth NOK 31 billion (= USD 5.4 billion). It will be interesting to see how this affects the individual hotels, and hotel rates for travelers.