PANDOX ACQUIRES RENOWNED HOTELL SKOGSHÖJD AND PARK HOTELL IN SÖDERTÄLJE

PRESS RELEASE
Stockholm, 25 January 2007
 
PANDOX ACQUIRES RENOWNED HOTELL SKOGSHÖJD AND PARK HOTELL IN SÖDERTÄLJE
 
Pandox acquires the shares in Skogshöjd Handels & Fastighets AB, which includes the hotel businesses Best Western Hotell Skogshöjd and Quality Park Hotell, together with the hotel properties for SEK 125 million. Pandox will take over the hotels on 1 March 2007.
 
Best Western Hotell Skogshöjd is a renowned hotel in central Södertälje with 225 rooms, excellent conference and meeting facilities, several restaurants and the newly built Skogshöjd spa. The hotel has been owned and operated by one family since 1936 and since 1979 by present five owners, the third generation of the family.
 
Quality Park Hotell has an excellent location in central Södertälje adjacent to the shopping district. The hotel has 150 rooms and conference capacity for both large and small groups.
 
Pandox' strategy is to pursue business activities under own management, which enables the hotels to keep their local image and roots in Södertälje. MD will be Anders Hallin, currently MD of the Radisson SAS Hotel in Östersund, another hotel owned and run by Pandox. Anders is 44 years old and has a sound knowledge of the hotel sector having been MD for Vildmarkshotellet as well as in leading positions in Scandic and Reso.
 
The Södertälje hotel market has shown a positive upswing during recent years, partly due to the city's well-developed business sector with companies like AstraZeneca, Scania and Swedish Volkswagen. In addition, there is a knock-on effect of the dynamics in southern parts of greater Stockholm created by e g Stockholm International Fairs.
 
"We are proud to take on the responsibility of a family business run since the 1930s and hope to continue developing the hotels as a part of Pandox' Swedish and  international hotel environment. We also believe the entire Stockholm region will continue to grow with the demand for hotel services in Södertälje following the same pattern," says Anders Nissen, CEO for Pandox.
 
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For further information, please contact:
 
Anders Nissen, CEO Pandox AB, +46 (0)8-506 205 60, +46 (0)708 46 02 02,
anders.nissen@pandox.se
 
Pandox is one of the players in the hotel property market in northern Europe. The portfolio consists of 41 hotels of which nine operations, and with a total of around 9,200 rooms located in Sweden, Denmark, Germany, Belgium, the Bahamas, the UK and Switzerland. Pandox hotels operate under well-known brands such as Scandic, Hilton, Radisson SAS, Crowne Plaza, Choice or through independent distribution channels.