Scandic Hotels has announced Frank Fiskers will step down from his role as chief executive of the organisation later this year.

Appointed in 2007, Mr Fiskers is expected to join the Board of Directors of Scandic and continue to be an investor in the company when a new CEO is recruited.

The process of recruiting a new CEO to Scandic is expected to be finalised during the coming months, the hotel chain confirmed in a statement.

“We appreciate the significant contributions Frank has made during his three years with Scandic,” said Scandic chairman Vagn Sørensen.

“He rapidly implemented post-Hilton strategies, built up a new and strong management team, and steered Scandic successfully through the down turn in the economy. We respect that Frank has decided to retire from Scandic in connection with him becoming a partner in a hotel real estate investment firm in London.”

The Scandic group was acquired by the London-based Hilton Group in 2001, but was subsequently sold in 2007 to Swedish private equity firm EQT and Accent.

The group presently has 150 hotels in operation or under development, principally in the Nordic countries. Key markets include Sweden, Norway, Finland and Denmark.

“I have had three very exciting years with Scandic and have truly enjoyed heading this wonderful company and its 150 hotels,” said Mr Fiskers.

“However, my new role as a hotel investor provides me with an excellent and very interesting opportunity to combine my operational experience with active asset ownership, which will be a future force in our industry.

“Over the last years we have - with strong support from EQT, the company’s owners - navigated Scandic well through the current downturn and I strongly feel that there is now a solid platform for the company to move forward into better times and reap the benefits of that,” concluded Mr Fiskers.