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Pandox was founded in 1995 by Securum and Skanska. Securum and Skanska’s mission was to take over and restructure a hotel portfolio and prepare it for a subsequent divestment.

In the beginning, Pandox portfolio comprised 18 properties and three small hotel operations. All of the hotels were located in Sweden, and with a mix of small and large hotel properties in various conditions and situations. Following the foundation of the company, the business model of Pandox was implemented on an asset-by-asset basis with divestment of non-strategic properties, restructuring of the agreement structure, capital investments and expansion of the geographical footprint. 


Pandox was listed on the Stockholm Stock Exchange. The company’s portfolio was valued at SEK 1.3 billion and the market capitalization was MSEK 520. The initial public offering resulted in 4,000 new shareholders, and after the listing Pandox expanded rapidly with acquisitions of large hotels in strategic locations. Smaller hotels and hotel operations were divested.


Pandox expanded its geographical footprint to other parts of Northern Europe through the acquisition of Hotellus, the property owning company of Scandic, with a total of 16 hotel properties.


Pandox was acquired by the industrial investors Eiendomsspar AS and Sundt AS through a public offer. The shares were subsequently de-listed. After the privatisation, Pandox grew in scale as it acquired several large hotels in Berlin, Brussels, Basel, Copenhagen, Stockholm and Malmö.


Pandox divested 12 hotel properties to Norgani Hotels.


Pandox continued its international expansion with two hotel acquisitions in Montreal, Canada.


Pandox announced the acquisition of Norgani Hotels, with a portfolio of 72 hotel properties across Sweden, Finland, Norway and Denmark, in a deal valued close to SEK 10 billion. As a result of the acquisition, Pandox became one of Europe’s leading hotel property companies.

Following the acquisition of Norgani Hotels, the company, together with the largest tenant, Scandic, agreed on a SEK 1.6 billion investment program (Project Shark), covering 40 hotel properties in the Nordic region.


Pandox divested a portfolio of 14 hotels in Sweden to Fastighets AB Balder, in addition to the Hilton Docklands Hotel in London which was sold to to H.I.G. Capital. Total proceeds from the divestments amounted to approximately SEK 2.7 billion, or approximately 12% above estimated market value.


Pandox B shares were listed on Nasdaq Stockholm on 18 June 2015 for the second time in the Company’s history. Pandox also celebrated 20 years as a leading hotel property company.

Pandox acquired 18 hotel properties, the majority under the Leonardo Hotels brand in Germany, for the equivalent of around MSEK 3,654. As part of the settlement Pandox signed 25-year revenue -based leases with good guaranteed rent levels with the hotel operator Fattal Hotels.

A review of the sustainability work, which is based on the Company’s financial responsibilities, environmental responsibilities and social responsibilities, was initiated.

The theme for the Hotel Market Day was "The Macro Economic and Political Factors Driving the Hotel Industry".


Pandox acquired eight hotel properties in Europe, four in Germany, two in Austria, one in the Netherlands and one in Belgium. The acquisitions further strengthened Pandox market position in Germany and Belgium as well as established Pandox in two new countries - Austria and the Netherlands.

The portfolio was streamlined through the divestment of eight smaller hotel properties in Sweden. The strategy and the business model were confirmed by lease extension of 19 hotel properties in the Nordic region as well as by a new twenty-year revenue-based lease for Urban House Copenhagen with MEININGER.

In December Pandox completed a directed share issue which added just over MSEK 1,000 to Pandox’s cash position.

This year's theme for the Hotel Market Day was "Growth of Chinese Tourism and Hotel Investments - Opportunities and Challenges for the Western Hotel Sector".


Pandox acquires 37 hotel businesses in the UK and Ireland for MGBP 800 in cooperation with Fattal Hotels Group. After a reorganisation, Pandox will retain 21 hotel properties and Fattal Hotels Group will acquire 36 hotel operations. When completed Pandox's share of the total acquisition price is expected to be MGBP 680.

Pandox acquires Hilton London Heathrow Airport T4 for MGBP 80.
Pandox acquires Hotel Berlaymont in Brussels for approximately MEUR 33. 

The theme for the Hotel Market Day was "A dynamic and uncertain world - Implications for the hotel sector".


Pandox acquires the upper premium and iconic The Midlands Manchester with 312 rooms for  MGBP 102 and the upper mid-scale fullservice hotel Radisson Blu Glasgow with 247 rooms for MGBP 39. Scandic Ferrum in Kiruna is divested for MSEK 286.

The theme for the Hotel Market Day was "Urbanisation and the hotel sector"


Pandox acquires seven hotel properties in Germany for MEUR 290. The hotels are full-service hotels in the upper mid-scale segment with an average size of 219 rooms. Furthermore, a hotel in Hannover, Germany, as well as one hotel in The Hague, The Netherlands, are acquired for a total of MEUR 83. Pandox also acquires Hotel Maritim Nürnberg for MEUR 61.

The theme for the Hotel Market Day 2019 was "Pathways into a sustainable hotel world".


2020 was a year like no other in the history of the hotel industry. The year was dominated by Covid-19 and the restrictions introduced to stop the spread of the virus, which had a clearly negative impact on demand in the hotel market.

Pandox held its annual Hotel Market Day on 17 November 2020. This year’s theme was “New trends in a changing hotel world”, which was explored through contributions from well-known speakers and industry experts. The event was held digitally for the first time and has been viewed
by more than 2,000 people on Pandox’s website.