Scandic Hotels soars as Q3 occupancy rate more than doubles

Scandic Hotels AB

15/10/2021 08:13

** Shares in the biggest Nordic hotel chain Scandic Hotels
 SHOTE.ST  surge 8% after the company posted growing third
quarter results, citing soaring occupancy rate  urn:newsml:reuters.com:*:nL8N2RB11K
    ** Scandic Hotels reports its adjusted EBITDA rising to 709
million Swedish crowns ($82 million) against 90 million crowns
in Q3 2020 as the occupancy rate more than doubled in the period
    ** "Increases in business travel offsetting leisure on
weekdays will be taken well," Jefferies says, adding the
occupancy was strong given leisure demand
    ** However, the broker is cautious, pointing to low
liquidity level and high exposure to corporate travel
    ** Scandic Hotels share rise 22% year to date, recovering
from a sharp decline in their value caused by lockdowns
 urn:newsml:reuters.com:*:nL8N2IO1HD


($1 = 8.6215 Swedish crowns)

 (Reporting by Boleslaw Lasocki)
 ((boleslaw.lasocki@tr.com))