Covid19 hotel development analysis: Scandic
For our latest exclusive, we log into the TOPHOTELPROJECTS construction database to see how the development pipeline of Scandic, the largest hotel company in the Nordic countries, is faring amid the pandemic.
Like countless hotel companies around the world, Scandic has been severely affected by the fallout from the unprecedented Covid19 crisis.
Founded in 1963, the Stockholm-headquartered business has gone on to establish itself as the largest hotel operator in the Nordic region; it had 52,980 rooms across 267 hotels as of 30 June 2020, with dozens of properties throughout Sweden, Norway, Finland and Denmark, plus a much smaller presence in Germany and Poland. The company, which is listed on Nasdaq Stockholm, is behind the mid-market brand Scandic and the economy brand Scandic Go, which only launched in February 2020 just as the outbreak began to take off internationally.
Here, we review the data that we currently hold on Scandic to find out what is going on with its pipeline of new hotel projects.
All systems go at Scandic
According to the TOPHOTELPROJECTS construction database, Scandic has 23 schemes in progress as of 10 August 2020, with none on hold and none cancelled:
|Group||In progress||On hold||Cancelled||Date|
Of the company’s live projects, 18 relate to the Scandic Hotels brand, with the remaining five earmarked for the new kid on the block Scandic Go:
|Scandic Group||Scandic Hotels||18|
|Scandic Group||Scandic Go||5|
TOPHOTELPROJECTS GmbH (2020): Scandic Group, Projects in Progress (Group and Hardbrands).
Fortune favours the brave
It’s interesting to see that Scandic seems to be pressing ahead with realising its full hotel development pipeline. Given the well-documented issues that the hotel operator’s home country Sweden has experienced trying to keep the virus in check, one might have assumed that some schemes would be postponed or scrapped altogether, but instead our database indicates that it’s continuing to work on new ones in the likes of Stockholm, Gothenburg and Helsingborg – as well as other parts of Scandinavia and Central Europe.
Scandic, it appears, is calculating that the best course of action in this extraordinary period is to try and complete all of the projects it currently has on its books. A bold strategy, undoubtedly, but if the global spread of Covid19 can be contained relatively quickly, it may yet prove to be a wise one.
Many TOPHOTELNEWS articles draw on exclusive information from the TOPHOTELPROJECTS construction database. This subscription-based product includes details of thousands of hotel projects around the world, along with the key decision-makers behind them. Please note, our data may differ from records held by other organisations. Generally, the database focuses on four- and five-star schemes of significant scale; tracks projects in either the vision, pre-planning, planning, under-construction, pre-opening or newly opened phase; and covers newbuilds, extensions, refurbishments and conversions.