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The Shark project

Following Pandox’s acquisition of Norgani Hotels in 2010, Pandox entered into an agreement with its largest tenant Scandic to refurbish and upgrade 40 hotels for a total of SEK 1.6 billion, of which Pandox’s part amounted to SEK 1.0 billion. The project was named Shark and was completed in 2015.

The Shark project comprises city centre hotels as well as ring road/highway hotels. The city centre hotels include well-known properties such as Scandic Malmen in Stockholm, Scandic Park in Helsinki and Scandic Solli in Oslo. The ring road/highway hotels include Scandic Kungens Kurva and Scandic Backadal, all located in Sweden.

Examples of completed projects within the Shark project

Scandic Park Helsinki, Finland: The property has undergone total refurbishment with the goal of creating Helsinki’s leading business and meeting hotel. With a budget of EUR 35 million, of which Pandox’s part amounted to EUR 23 million, it forms the largest sub-project within project Shark. The investment included a refurbishment of all existing 513 rooms, an addition of ten new rooms and a thorough upgrade of the hotel’s public areas and exterior. Finally, the addition of a new banquet and ballroom, a top floor meeting & lounge area, and an upgrade of all conference rooms enables the hotel to offer what Pandox considers to be the best meeting facilities in Helsinki.

Scandic Solli Oslo, Norway: Scandic Solli has been refurbished into one of Scandic’s flagship hotels in Oslo. The original rooms and bathrooms have been refurbished, preserving the original functionalist character of the building. During 2013, a new building section comprising 35 new rooms and a large meeting room with capacity for up to 200 people was added to the hotel. During the first half of 2014, the last part of the project, which included a new lobby and reception area, an upgraded restaurant area and new shop and break-out areas, was completed. Pandox’s part of the investment amounted to NOK 58 million out of a total of NOK 86 million.

Scandic Elmia, Jönköping, Sweden: With the goal of creating Jönköping’s leading full service hotel adjacent to the Elmia fair, Scandic Elmia underwent a SEK 118 million upgrade during 2012 and 2013, of which Pandox invested SEK 80 million. The project included refurbishment of 140 rooms and bathrooms, and a construction of additional 64 rooms in a new building structure. The hotel has been given a modern profile and design as well as conference facilities, a new restaurant and a refurbished and upgraded lobby.

Hilton Helsinki Strand, Finland: The hotel property, operated by Scandic under the Hilton brand, was fully refurbished during 2015 in order to strengthen the position of the hotel in Helsinki’s premium segment. Total investment amounted to EUR 8 million, of which Pandox’s part amounted to EUR 4 million, and included a comprehensive refurbishment of the public areas and a new design, and refurbishment of all rooms, as well as an overall improvement of the technical installations.