Stuttgart is one of Germany's largest cities and serves as an important financial hub in Europe. The city is known for its strong automotive and technology industry as well as a growing startup scene. Stuttgart's hotel market has enjoyed steady growth from increased tourism and demand from business travelers, and Scandic aims to establish a strong brand to attract people who are visiting the city for meetings, events and experiences.

- Stuttgart is a strategically important city in Germany and the location of Scandic's eighth hotel establishment in the country. The expansion will strengthen Scandic's presence in the German hotel market in an important financial center where we see growing demand from both business and leisure travelers. I'm also delighted that we've signed a long-term lease agreement with AXA Investment Managers, a new partner for Scandic, says Jens Mathiesen, President & CEO at Scandic Hotels Group.

The hotel is strategically located near the central station and the large Europaviertel commercial area. Following the renovation, the new modern hotel will offer vibrant dining options, excellent meeting facilities, a gym and a parking garage.

- We see good opportunities to grow in Stuttgart, and together with AXA Investment Managers, we'll carry out a significant renovation of the hotel so that more guests can enjoy Scandic's renowned hotel experience and brand. The hotel's excellent location also provides easy access to key attractions such as the central station, the historic old town, events and nearby offices, says Michel Schutzbach, Country Managing Director, Germany & Poland at Scandic Hotels.

During the renovation, technical and sustainability-related investments in the property will be carried out. The operations of the new hotel will be environmentally certified by the Nordic Swan Ecolabel, the official ecolabel of the Nordic countries. The new hotel will be operated under the Scandic brand. Following the takeover, Scandic will have eight hotels in Germany with a total of 2,635 rooms.

For more information, please contact:
Oscar Brehmer, Communication Manager, Scandic Hotels Group
Email: oscar.brehmer@scandichotels.com
Phone: +46 721 709 297

Rasmus Blomqvist, Director Investor Relations, Scandic Hotels Group
Email: rasmus.blomqvist@scandichotels.com
Phone: +46 702 335 367

About Scandic Hotels Group
Scandic is the largest hotel company in the Nordic countries with a network of about 280 hotels and 58,000 hotel rooms in operation and under development at more than 130 destinations. The company is leading the way in integrating sustainability in all areas and its award-winning Design for All concept ensures that Scandic hotels are accessible to everyone. Well loved by guests and employees, the Scandic Friends loyalty program is the largest in the Nordic hotel industry and Scandic is one of the most attractive employers in the region. Scandic is listed on Nasdaq Stockholm. www.scandichotelsgroup.com