The portfolio consists of 15 hotel properties, of which 12 in Sweden, two in Finland and one in Norway. The total number of rooms amounts to approximately 3,600. In addition, the lease extension includes Marina Congress Center in Helsinki, Finland.

The majority of hotels have strong locations in growing regional cities with stable hotel demand. To ensure the hotel properties’ potential, Pandox and Scandic will over a multi-year period invest approximately MSEK 700 in product development, repositioning and increased guest comfort.

“It is very gratifying to deepen and strengthen the partnership with Scandic, which is our largest partner and one of the leading hotel operators in the Nordics. It feels extra good after the extraordinary tough period that we and the entire hotel industry have undergone due to Covid-19. Pandox and Scandic both believe that the best long-term value creation is made possible through close cooperation and revenue-based leases with common incentives. With this agreement and a stronger hotel market, we look forward to a bright future ", says Liia Nõu, CEO of Pandox.