“We are happy to have acquired three well-positioned freehold aparthotels in strong locations in central London, thereby increasing our exposure towards the attractive ‘extended-stay’ segment. The hotels are highly profitable, and the hotel products are well established in the market with strong distribution via Marriott International, which becomes a new cooperation partner to us. The hotel properties are of high technical and environmental standard and contribute positively to the overall quality of our hotel property portfolio. Through the acquisition, we also increase our already strong hotel operating partnership with Axiom Hospitality to a total of eight hotels in the UK”, says Liia Nõu, CEO of Pandox.
Liia Nõu, CEO of Pandox.
Image: Pandox
Pandox completes London acquisition
Nordic —
Pandox has completed the acquisition of three aparthotels with a total of 503 rooms in central London. Total transaction value amounts to approximately MGBP 230. Initially, the hotels are expected to contribute approximately MGBP 34 in revenues and approximately MGBP 17 in net operating income, on an annualised basis. The hotels are branded Residence Inn by Marriott and are operated by Axiom Hospitality under a management agreement. The acquisition is financed by available cash funds and a new green bank loan.
2024-08-29
Axel Ohlsson
[email protected]