PANDOX ACQUIRES THE HOTEL PROPERTY SCANDIC PLAZA IN BORÅS, SWEDEN

PRESS RELEASE
Stockholm, 26 June 2006
 
PANDOX ACQUIRES THE HOTEL PROPERTY SCANDIC PLAZA IN BORÅS, SWEDEN
 
Pandox has acquired the hotel property Scandic Plaza in Borås, Sweden, from Västsvenska Hotellfastigheter AB and will take over the business on 3 July 2006. The acquisition price is MSEK 136.5.
 
Scandic Plaza is one of the leading provincial hotels in Sweden and has 135 hotel rooms, 18 conference rooms, a relax centre and a restaurant. Furthermore, it offers the possibility of building at least another 30 hotel rooms.
 
Borås' hotel property market consists of eight hotels with around 700 rooms. Pandox already owns the First Hotel Grand.
 
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For further information, please contact:
 
Anders Nissen, CEO Pandox AB, +46 8 506 205 50
 
Pandox is one of Europe's leading players in the hotel property market. The portfolio consists of 39 hotels, including one asset management assignment and six operations, with a total of approximately 8,650 rooms located in Sweden, Denmark, Germany, Belgium, United Kingdom, Switzerland and the Bahamas. Pandox' hotels are operated in different forms under well-known brands such as Scandic, Hilton, Radisson SAS, Crowne Plaza, Choice or through independent distribution channels.