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 SEK 520m. 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.


The Company 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, the Company 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.



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.