PRESS RELEASE, 23 January 2012
Pandox divests hotel property in Finland
Pandox divests hotel property Scandic Luosto in northern Finland.
Scandic Luosto is located near a ski and resort area and has 54 log cabins, five hotel rooms and meeting room, restaurant and bar.
The hotel is sold to a property value which is marginally above book value. The buyer is North Europe Tours OY.
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Pandox is the leading player in the hotel property market in Europe regarding geographic area, number of hotels and brands. The portfolio consists of 120 hotels, eleven operational businesses, with 24,800 rooms located in Sweden, Finland, Norway, Denmark, Germany, Belgium, the UK, Switzerland, the Bahamas and Canada. Pandox's hotels operate through differing business structures under well-recognised brands such as Scandic, Hilton, InterContinental, Hyatt, Radisson Blu, Crowne Plaza, Holiday Inn, Clarion, Quality, Elite, First, Rica, Ibis, Best Western, Rantasipi, Omena or through independent distribution channels. Pandox is owned by the Norwegian companies Sundt AS and Eiendomsspar AS.