Stockholm-listed Scandic Hotels has agreed to acquire Restel's Finnish hotel operations for EUR 114.5 million on a cash- and debt-free basis. Restel currently has approximately 7,600 rooms at 43 hotels. Most of the hotels are operated under the Cumulus brand and over time are expected to be converted into Scandic hotels.

Scandic Hotel was represented by Mannheimer Swartling, working closely with the Helsinki office of Hannes Snellman. The transaction is subject to regulatory approval.