During 2014, Pandox established the new operating company Pandox Operations, with the mission to run hotels owned by Pandox and external owners.
These developments to the Pandox business model should be seen as part of the ongoing changes within the hotel industry and reflect the significant changes that the global hotel industry has seen over the last 15 years. A majority of international hotel companies have become pure brand companies, whilst traditional hotel companies with a focus on operations have become less and less common. Another increasing trend that is gaining momentum is the consolidation that is taking place among operating companies – large grows larger.
– The hotel market has become more demanding for the property owners. There are fewer operating companies at the same time as operations have become more complex. This has added to an increased reliance that hotel property owners have to put on the few remaining operating companies. It is necessary for the hotel property owners to meet this challenge proactively. By using Pandox Asset Management, other property owners can share in Pandox’s broad experience as an active hotel property owner, says Anders Nissen, CEO, Pandox.
Pandox Asset Management gets their first project from the Norwegian property company Eiendomsspar AS, which also owns 50% of Pandox AB.
The commission includes eight hotel properties with a total of 1,500 rooms, all of them in Oslo.
– We look forward to developing a close relationship with Eiendomsspar and to the prestigious assignment to manage and develop their hotel properties. This agreement is part of the company’s new strategy to manage hotel properties for other owners than Pandox and we look forward to finding more opportunities of a similar nature, says Anders Nissen.
Pandox is owned by Eiendomsspar AS, CGS Holding AS and Helene Sundt AS.
Pandox Asset Management signs first agreement
Nordic — Pandox has started a new business area, introducing the new division Pandox Asset Management, which will manage hotel properties on behalf of external property owners.<br /> The first agreement is now signed, with Eiendomsspar AS.