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Scandic Hotels Expands in Norway with New Franchise in Florø

Story Highlights
  • Scandic Hotels is converting the Comfort Hotel Victoria in Florø into its 19th franchise.
  • This expansion is part of Scandic’s 2030 growth strategy to add 40-50 hotels mainly in the Nordics.
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Scandic Hotels Expands in Norway with New Franchise in Florø

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Scandic Hotels Group AB ( (SE:SHOT) ) has issued an update.

Scandic Hotels Group is expanding its presence in Norway by converting the Comfort Hotel Victoria in Florø into a franchise under the Scandic brand, marking its 19th franchise hotel. This move aligns with Scandic’s growth strategy for 2030, which emphasizes franchising as a means to expand into new destinations, aiming to add 40 to 50 new hotels and 10,000 rooms, primarily in the Nordic countries. The partnership with the Helle family, who will continue to operate the hotel, is expected to strengthen Scandic’s foothold in western Norway while maintaining the hotel’s local identity.

The most recent analyst rating on (SE:SHOT) stock is a Hold with a SEK83.00 price target. To see the full list of analyst forecasts on Scandic Hotels Group AB stock, see the SE:SHOT Stock Forecast page.

More about Scandic Hotels Group AB

Scandic Hotels Group AB is the largest hotel company in the Nordics, operating approximately 280 hotels with 58,000 rooms across more than 130 destinations. The company is recognized for its commitment to sustainability and accessibility, with its Design for All concept. Scandic’s loyalty program, Scandic Friends, is the largest in the Nordic hospitality industry, and the company is a prominent employer in the region. It is listed on Nasdaq Stockholm.

YTD Price Performance: 20.72%

Average Trading Volume: 378,758

Technical Sentiment Signal: Buy

Current Market Cap: SEK17.53B

For detailed information about SHOT stock, go to TipRanks’ Stock Analysis page.

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