PRESS RELEASE April 18, 2012
Pandox sells hotel property in Stockholm
Pandox sells business and conference hotel Ibis Hägersten in southern Stockholm
The hotel is located alongside E4/E20 and has 190 rooms, ten conference rooms, a restaurant and a bar.
"The sale is part of the continued processing of the portfolio with 73 hotel properties, which were acquired by Norgani 2010. Since the acquisition of Norgani in November 2010, five non-strategic hotels have been sold, and new leases with related investment programs have been entered into for more than 40 hotels," says Anders Nissen, CEO of Pandox.
The purchaser is Sveafastigheter, which through its cooperation with Midstar and Event Holding will acquire all shares in the company Norgani Stockholm Fotsacken 1 AB holding the leasehold for Fotsacken 1.
The sales price amounts to SEK 112 million, which exceeds Pandox book value of the leasehold.
Possession takes place April 18, 2012.
For further information:
Pandox is one of the leading players in the hotel property market in Europe regarding geographic area, number of hotels, brands and size. The portfolio consists of 116 hotels, one congress & fair centre, eleven operational businesses, with 24,000 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, Park Inn by Radisson, Best Western, Omena, Rantasipi or through independent distribution channels. Pandox is owned by the Norwegian companies Eiendomsspar AS, Helene Sundt AS and CGS Holding AS.