In a strategic move to expand its presence in the German market, Scandic has signed a long-term, revenue-based lease agreement with landlord Pandox for a hotel in Nuremberg, Germany.
The takeover, scheduled for the first quarter of 2024, follows Pandox's extensive renovation of the property, which re-opened in 2023.
Location and facilities
Strategically situated near Nuremberg's historic district and central station, the new hotel will offer 311 rooms and versatile event facilities accommodating 850 people.
Shared spaces will include a restaurant, bar, gym and wellness area.
The hotel's location aligns with rising demand from both corporate and leisure segments, given the growth of the greater Nuremberg area.
Meeting demand
With 1.3m inhabitants, the greater Nuremberg area has seen significant growth, attracting international technology and innovation companies.
Scandic's CEO, Jens Mathiesen, expressed enthusiasm about the strategic move in a statement:
“This is another step in our focus on expanding in the German market. […] I am also extremely happy that we are continuing to extend our well-established and long-term co-operation with our largest landlord, Pandox.”
Renovation and sustainability investments
Pandox facilitated the hotel's extensive renovation and has also made technical and sustainability-related investments and upgrades to the property. The Nordic Swan Ecolabel certification, launched in Germany in 2023, will be pursued for all Scandic's German hotels, including the new Nuremberg property, showcasing a commitment to environmental responsibility.
Portfolio expansion
The lease agreement solidifies Scandic's long-term cooperation with Pandox, its largest landlord.
Michel Schutzbach, head of Europe at Scandic Hotels, highlighted the significance of the expansion in a statement:
“The hotel is an excellent addition to our portfolio that will solidify our offering for business travelers looking to arrange larger meetings and events. Together with my colleagues, I look forward to opening Scandic’s first hotel in Nuremberg, a city that has become an important financial centre and that is investing in and building for the future.”
Following the Nuremberg takeover, Scandic will operate seven hotels in Germany, totalling 2,461 rooms.
