Strong position
in domestic markets
Pandox has a well-diversified portfolio with a presence in around 90 cities in 11 countries. The portfolio has the most exposure – almost 80 percent measured in number of rooms – to domestic and regional cities with mainly domestic demand.
Domestic cities
40% of Pandox's portfolio
- Domestic demand is a key driver
- No or limited international demand
- Fewer commercial drivers
- Greater dependence on the public sector
- Mostly purpose-driven travel
Examples in Pandox's portfolio:
Leeds, Sheffield, Gothenburg, Jönköping, Örebro, Jyväskylä, Kuopio, Bergen, Bodø, Dortmund, Mönchengladbach and Wolfsburg.
Regional cities
38% of Pandox's portfolio
- Growing destinations that are “on the way up”
- Demand is mainly regional and domestic
- Elements of international demand
- Various drivers of demand
- Demand from many different guest segments
Examples in Pandox's portfolio:
Hamburg, Munich, Cologne, Frankfurt, The Hague, Copenhagen, Stockholm, Oslo, Helsinki, Manchester, Birmingham and Basel.
International cities
22% of pandox portfolio
- Internationally established destinations
- Highly dynamic
- Hubs for international travel
- Markets with strong purchasing power
- Complete set of demand drivers
- Demand from all guest segments
Examples in Pandox's portfolio:
London (which is also a megacity), Amsterdam, Brussels, Berlin, Vienna and Dublin.
Few listed specialists (competitors)
Listed specialists in hotel properties in Europe other than Pandox (Nasdaq Stockholm, PNDX) are PPHE Hotel Group (London Stock Exchange, PPH) and Covivio Hotels (Euronext Paris, COVH).
Other property companies with significant hotel property exposure include Aroundtown (Frankfurt Stock Exchange, AT1) and Balder (Nasdaq Stockholm, BALD). In the US there are several large listed hotel property owners.
Hotel properties are an asset class that requires specialisation, active ownership and an industrial perspective for successful value creation. Time is also a key success factor. It takes a long time to acquire suitable properties, implement investments and build relationships with hotel operators and business partners that can develop and realise the hotels’ full potential.
Pandox's market share
Pandox has an overall low market share in the hotel property market. The company's assessment is that Pandox's market share amounts to less than 1 percent, measured in available rooms in all of Pandox's markets.