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Scandic Comments On Market Development And Ongoing Rent Negotiations

December 8, 2020

In November, Scandic’s average occupancy rate was approximately 20 percent, a decline compared with 36 percent during the third quarter and 33 percent in October. In November, market RevPAR is estimated to have gone down between 68 and 74 in the Nordic countries. Demand has been weak in all markets due to the increased spread of COVID-19 and more comprehensive government restrictions. The situation is particularly critical in the capitals where occupancy is less than one-third of what would be considered normal. Scandic expects continued low activity levels in December and the average occupancy rate for the fourth quarter is expected to be about 20 to 25 percent.

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