Stockholm, 24 September 2007
PANDOX SIGNS LEASE AGREEMENT FOR OPERATION IN ÖSTERSUND
Pandox has signed a revenue-based lease agreement with Choice Hotels Scandinavia regarding its operations in Östersund. The hotel has 176 rooms and is located in the city centre.
Pandox has owned the hotel property since the foundation of the company in 1995. The property's operation was managed by a private owner until 2004, when Pandox acquired the operating company. Pandox ran the hotel under a franchise agreement with Rezidor under the Radisson SAS brand. During these years the hotel has reported strong earnings growth and has become the leading hotel in Östersund.
Choice Hotels will take over the operation of the hotel on 1 January 2008 under the Clarion Hotels brand. Pandox will remain as active owner of the hotel property.
"This is a good example of our active ownership," says Erik Hvesser, Business Area Manager at Pandox. "We have owned the property since the foundation of Pandox and the operation since 2004. After developing the hotel and establishing a strong market position, we are now handing over the hotel to Choice Hotels for continued operation and growth."
For further information:
Anders Nissen, CEO, Pandox AB, +46 8 506 205 50
Erik Hvesser, Business Area Director, Pandox AB, +46 8 506 205 57
Pandox is one of the leading players in the European hotel property market. The portfolio contains 44 hotels, including ten operations, with a total of 10,200 rooms in Sweden, Denmark, Germany, Belgium, the Bahamas, the UK, Switzerland and Canada. Pandox operates its hotels in various forms under well-known brands such as Hilton, InterContinental, Crowne Plaza, Radisson SAS, Holiday Inn, Scandic, Elite, Clarion, Quality and First, or through independent distribution channels.