Pandox leases hotel property in Norway to strong local operator

Norway Norway — Pandox and the Norwegian hotel operator Frich's have signed a long-term revenue-based lease agreement with good minimum levels for a hotel property in Ringsaker, Norway.

"In general the recovery has been strong for the Danish hotel market"

Denmark Denmark — On Monday, Pandox announced a deal with Strawberry for the operation of Hotell Mayfair in Copenhagen. Jonas Törner, Chief Commercial Officer at Pandox says that the development in the Danish capital has been fantastic and that there are opportunities going forward to sharpen the portfolio structure. At the same time, they will increase discipline in the investment calculations in order to adapt to the new economic conditions.

Pandox signs lease agreement for hotel property in central Copenhagen

Denmark Denmark — During the ongoing renovation and repositioning of Hotel Mayfair in central Copenhagen, Pandox has signed a lease agreement with the operator Strawberry and the Hobo brand. Pandox continues to run the day-to-day hotel operations until the renovation project has been completed and the new lease comes into force, which is expected to take place in the second half of 2024. The new lease is revenue-based with an indexed, guaranteed minimum level, and long term.

Pandox Acquires Stockholm Hotel for SEK 400 Million

Sweden Sweden — Pandox has acquired and gained access to Best Western Hotel Fridhemsplan in central Stockholm. The hotel property has 221 rooms and is operated under a fixed lease with a private operator.

Pandox Acquires Hotel in United Kingdom

Sweden Sweden — Pandox has acquired and gained access to The Queens Hotel in central Leeds, UK. The acquisition includes both the hotel property and the hotel operations.

Pandox Signs a New Lease Agreement with Citybox

Nordic — Pandox has signed a lease agreement with the Norwegian operator Citybox Hotels for the current NH Brussels Louise, which Pandox acquired earlier in 2022.

Pandox to Remain Net Buyer

Nordic — Recently, Pandox has both acquired and divested hotel properties outside of the Nordics. After the two transactions, CEO Liia Nõu tells Nordic Property News about the deals, the company remaining a net buyer and about her view of the hotel market at the moment.

Pandox Divests in Montreal

Nordic — Pandox enters into an agreement to sell InterContinental Montreal.

Pandox Enters into Agreement Regarding a Hotel Property in Brussels

Sweden Sweden — Pandox AB (publ) has entered into an agreement to acquire NH Brussels Louise in central Brussels, Belgium. The hotel has 246 rooms and is owned and operated by the largest Spanish hotel chain NH Hotel Group. The agreement supports NH Hotel Group’s strategy revision in Brussels where Pandox is a key partner. The total transaction value amounts to approximately MEUR 35 and is financed by cash and existing credit facilities.

Pandox and Scandic Extend Lease Agreements for 15 Hotel Properties in the Nordics

Nordic — Pandox and Scandic Hotels have entered into an agreement on the extension of leases for 15 hotel properties and a congress center. The leases are revenue-based with a contractual minimum level and with a tenure between 12–20 years. The parties also undertake to jointly invest approximately MSEK 700 in the hotel properties over a multi-year period.

Pandox Appoints New CFO

Sweden Sweden — Anneli Lindblom will assume the role as new CFO of Pandox on 1 December 2021. She has extensive experience from publicly listed companies both in the role as CFO and board member.

Pandox Signs Lease Agreement in Copenhagen

Denmark Denmark — Pandox has signed a new lease agreement for h27 in central Copenhagen with the operator Motel One. The lease is revenue-based with a minimum guaranteed rent and a tenor of 20 years.

How Pandox Will Carry on Anders Nissen's Legacy

Sweden Sweden — Pandox has appointed Liia Nõu as permanent CEO of the company. She tells Nordic Property News about her new position, how the company will carry on the legacy of Anders Nissen and about the market situation after an 18-month long pandemic.

Liia Nõu Appointed New CEO of Pandox

Sweden Sweden — Pandox's board of directors has appointed Liia Nõu as CEO. Liia Nõu has been Pandox’s CFO since 2007 and acting CEO since 21 May 2021.

Pandox’s CEO Anders Nissen Has Passed Away

Sweden Sweden — Pandox's CEO Anders Nissen has passed away after a short period of illness.

Anders Nissen Has Acquired Synthetic Options from Pandox’s Main Shareholders

Sweden Sweden — Pandox’s CEO Anders Nissen has acquired synthetic options in Pandox issued by the larger shareholders Eiendomsspar AS, CGS Holding AS and Helene Sundt AS.

”It Will Be a Hard Struggle for the Hotel Operators”

Nordic — Johan Johander, Head of Research at Benchmarking Alliance, and Bård Bjølgerud, CEO at Pangea Property Partners, on the immediate corona effects on the hotel property market and the future, beyond these challenging days.

Pandox Takes Over Operations of Two Hotels in Copenhagen

Denmark Denmark — Pandox has entered into an agreement to take over operations of First Hotel Mayfair and First Hotel Twentyseven in hotel properties already owned by Pandox. The hotels have good locations in central Copenhagen, and they will be marketed under their existing and well-established hotel names.

The CEO of Pandox: ”Nothing We Wish to Do”

Denmark Denmark — Anders Nissen, CEO of the largest hotel property owner in the Nordics – Pandox, on the takeover of the operations of two hotels in central Copenhagen, how common this action is and how his great experience helps the company to handle the current hotel crisis.

Pandox Estimates Impact Due to COVID-19 and Withdraws Previous Proposed Dividend for 2019

Sweden Sweden — Due to the coronavirus (COVID-19) and the extraordinary government actions taken to limit the spread of the virus, business activity in Pandox’s key markets has decreased substantially during the past two weeks. Based on current information, Pandox estimates EBITDA to be approximately 15-20 percent lower than in the corresponding period last year. Based on current information, Pandox estimates the negative earnings effect to be considerably larger in the second quarter. Pandox would like to stress that these estimates are highly uncertain.

Pandox Acquires German Hotels for EUR 290 Million

Sweden Sweden — Pandox has entered into an agreement to acquire seven hotel properties with a total of 1,532 rooms in Germany from HR Group. The total transaction value amounts to approximately MEUR 290, excluding minority.

Pandox Acquires Hotel Property in Nuremberg

Sweden Sweden — Pandox has entered into an agreement to acquire Maritim Hotel with 316 rooms in central Nuremberg, Germany. The total transaction value amounts to approximately MEUR 61, including transfer tax, and will be financed by cash and existing credit facilities.

Pandox Raises SEK 3 billion

Sweden Sweden — Pandox completes a directed share issue of 16,350,000 class B shares, raising proceeds of approximately SEK 3 billion.

Pandox Acquires Two Hotels for MEUR 83

Sweden Sweden — Pandox has entered into an agreement to acquire two hotel properties including operations in the Hague, the Netherlands, and Hannover, Germany, with a total of 421 rooms. The total transaction value amounts to approximately MEUR 83, excluding minority.

They Have Increased Their Rental Incomes the Most in Q2

Nordic — Nordic Property News presents the Nordic listed property companies' rental income for the second quarter of 2019.