"It feels very good to start a cooperation with Citybox, which is an expansive and ambitious operator with a distinct and modern concept in the budget segment. The hotel concept suits the hotel property very well and attracts a different type of demand compared to our other hotels in Brussels. The lease is attractive with good minimum levels and proves well how Pandox's active model for value creation works in practice", says Liia Nõu, CEO of Pandox.

“For Citybox Hotels, it is a major breakthrough to get access to a hotel in Brussels of this size and location. We have worked several years for this. We are very proud of signing Citybox Brussels and that it is happening in collaboration with such a large and professional player as Pandox. Now we are very much looking forward to taking the Citybox concept to yet another European city”, says Martin Smith-Sivertsen, chairman of Citybox Hotels.

The hotel, which has 246 rooms, will continue to be operated in Operator Activities under a franchise with the NH Hotels brand until the start of the renovation in April 2023. The renovation covers all parts of the hotel property, including BREEAM certification, and is expected to amount to approximately MEUR 12 with a good stabilised return. The hotel will be closed during the renovation and is expected to reopen in the first half of 2024 with Citybox Hotels as tenant.