The transaction is expected to be completed in the beginning of the fourth quarter 2022. Pandox is currently evaluating the best commercial alternative for the hotel, and it will initially be reported under the business segment Operator Activities.
"We have a well-established partnership with NH Hotel Group and appreciate the opportunity to acquire NH Brussels Louise. The hotel has a strong location in central Brussels with good development potential. Brussels is a growing hotel market that we have been active in for almost 25 years and know very well. We own eight hotel properties in Brussels, six of which in Operator Activities and two in Property Management with NH Hotel Group as tenant, making us a significant hotel property owner and hotel operator in the city. Over the years, we have successfully improved hotel properties in many different markets, not least in Brussels. With our strong local commercial and technical platform in Brussels, I am confident we will be able to generate a good return on our investment in NH Brussels Louise”, says Liia Nõu, CEO of Pandox.
The hotel property's stabilised yield is expected to be well in line with Pandox’s hotel portfolio's average. Pandox sees significant opportunities for value creation through investments in the hotel product. The hotel will initially be reported under the business segment Operator Activities while Pandox evaluates suitable commercial alternatives.