LEASES OUT OPERATIONS OF HOTEL PARK IN SÖDERTÄLJE
Pandox has signed an agreement where Choice Hotels Scandinavia will manage the operations of Hotel Park in Södertälje, through a revenue-based lease. The hotel, which has 157 rooms and is located in central Södertälje, south of Stockholm in Sweden, will be operated by Choice Hotels as of 1 June 2009.
Pandox acquired the properties and operations for Best Western Hotel Skogshöjd and Quality Hotel Park in Södertälje in the beginning of 2007. Since then, Pandox has worked actively to further-develop the two hotels.
Park Hotel has been repositioned through a comprehensive refurbishment program, and operations have been developed to such a high standard that the hotel is now ready to be leased out. For Hotel Skogshöjd, Pandox has prior signed an agreement with Scandic for the operations, and the hotel is currently undergoing a renovation and upgrading program.
"Both of these hotels are excellent examples that it is possible to create value through developing and restructuring hotel properties and the actual operations, which is the core of our business," says Anders Nissen, CEO of Pandox.
For further information, please contact:
Anders Nissen Erik Hvesser
CEO Business Area Manager
Pandox AB Pandox AB
+46 (0)708 46 02 02 +46 (0)70 77 00 119
Pandox is one of the leading players in the hotel property market in Europe. The portfolio consists of 45 hotels, nine operations, more than 10,800 rooms with strategic locations in Sweden, Denmark, Germany, Belgium, the UK, Switzerland, the Bahamas and Canada. Pandox' hotels operate under well-known brands such as Scandic, Hilton, InterContinental, Hyatt, Radisson SAS, Crowne Plaza, Holiday Inn, Elite, Clarion, Quality, First or through independent distribution channels.
Encl: Complete Pressrelease.