Major hotel deal in the works

Norwegian Property, an Oslo-based real estate firm that's been on an enormous expansion drive the past year, has launched a bid to take over a large portfolio of hotels operated by Scandic, Choice and Rezidor in Norway, Sweden, Finland and Denmark. A successful takeover of Norgani Hotels would make Norwegian Property the largest stock listed real estate company in all the Nordic countries, with more than 130 properties valued at nearly NOK 31 billion (about USD 5.4 billion).