Leases
Leases are the core of our business. Our long-term leases are revenue-based, with good guaranteed minimum levels, shared risk and stable earnings. The hotel properties are leased to tenants who operate hotel businesses under various brands. Investment properties account for around 84 percent of the market value of Pandox’s total property portfolio.
NH Collection Salzburg, renovated and upgraded in 2021
Revenue and net operating income, MSEK
Revenue per country, Leases (2025)
996
899
786
329
291
253
207
113
| Key figures, MSEK | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 4,098 | 3,865 | 3,690 | 3,307 | 2,422 |
| Net operating income | 3,579 | 3,297 | 3,157 | 2,868 | 2,027 |
| Property market value | 77,170 | 60,290 | 57,226 | 57,563 | 52,215 |
| Average valuation yield, % | 6.28 | 6.13 | 6.09 | 5,58 | 5,44 |
| Number of hotels | 171 | 138 | 139 | 137 | 137 |
| Number of rooms | 37,165 | 29,976 | 30,201 | 29,717 | 29,469 |
Largest partners, in number of rooms
30%
Operators and partners
