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Annual Report 2017

Experience and determination


 No. of hotels
 Cash earnings, MSEK
  1996         2002         2007         2012         2017
 No. of hotels 20 28 31 46 46 44 45 44 36 39 44 45 46 120 118 120 120 114 131 130 143
 Cash earnings, MSEK 53 97 119 228 266 267 272 299 301 318 389 445 446 831 879 848 815 888 1,165 1,361 1,660



An expanded and
stronger business


We don't lean back. We're ready for the next step. Come along for the ride!

- Anders Nissen, CEO

This is Pandox

Vision and the road to success

Pandox's core business is to own and lease hotel properties to well-known hotel operators under long revenue-based leases with shared investments. If the conditions are not in place for a profitable lease, Pandox can choose to operate the hotel itself. The combination of long leases and own operation lays the foundation for profitable growth with less risk.

The Market

Hotel & Tourism is the world's
largest service sector

Pandox is active within Hotel and Tourism, which is the world's largest service sector and one of the fastest growing industries globally. Hotel and Tourism has shown positive growth for the last six decades. 

Earnings 10
Results 90
0.7 billion1.3 billion1.8 billion
  2000 2017 2030
Earnings 0.7 billion 1.3 billion 1.8 billion

Hotel and Tourism is a major engine
”10 percent of global GDP (2017)”

Stable growth in international travel
"International Tourist Arrivals"


The Business

An active hotel property owner
with long leases and
well-known tenants


44 hotels


26 hotels


16 hotels


14 hotels


14 hotels

1 congress center


8 hotels


8 hotels


4 hotels


2 hotels


2 hotels


1 hotel


1 hotel


Sustainability Report

Pandox Fair Play 

Pandox's five focus areas

Based on stakeholder dialogue and the materiality analysis, five focus areas have been identified for Pandox's sutainability work.


Employer of choice

  • Health, safety and security
  • Fair labour practices­
  • Skills and availability
  • Anti­-corruption

Our guests

Customer's choice

  • Guest satisfaction
  • Privacy and data security­
  • Health, safety and security


Green footprint

  • Energy and emissions
  • Water
  • Waste

Our business partners 

Quality of value chain

  • Sourcing and procurement practices
  • Fair labour practices

Our community

Interest groups

  • Social responsibility

The hotel properties

A well-diversified portfolio focusing on large well-developed and dynamic hotel markets

Number of hotels


Hotel properties in the upper full-service segment in 84 cities in 15 countries.

Number of rooms


Hotel rooms, with an average of 221 rooms per hotel spread across 20 brands.

Market value, MSEK


High quality hotel portfolio with a good balance of different countries, cities, types of demand and brands.


An active year
and a strong result

Important events:

  • Good growth and high profitability.
  • Acquisition of 23 hotel properties.
  • Agreement to lease out nine Operating Properties.
  • Directed share issue of MSEK 1,480.


Growth in total cash earnings


Growth in net asset value

Revenue by country

Property Management

Proposed dividend



Revenue by country

Operator Activities

Privacy Policy

Processing of personal data and cookies

1. About personal data

Personal data which is collected through our website – – will be processed for the purpose of providing information and services which you have requested and for follow-up. Pandox AB (publ), reg. no. 556030-7885, ("Pandox") is the controller of personal data for the processing of personal data on the website. Pandox does not assume any liability for compliance with privacy protection on external websites to which this website might contain links.

Each data subject is entitled to correction of erroneous, incomplete, or misleading data and is entitled to receive information regarding the processing, free of charge, once each year following a written request for such information. The address for sending any such request, as well as for other enquiries regarding Pandox's processing of personal data, is Pandox AB (publ), Box 15, 101 20 Stockholm, +46 (0)8 506 205 50 or

Pandox takes all suitable technical and organisational security measures which are necessary to protect the personal data which is processed. Pandox also complies with all requirements and conditions which follow from the Swedish Personal Data Act. The personal data will not be transferred and/or processed in a third country (i.e. a country outside of the EU/EEA). The data may be processed by a third party in order to administer or provide a relevant service or information.

2. About cookies

The website uses cookies to improve your user experience and to collect statistics.

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The Swedish Electronic Communications Act provides that cookies may only be used with the user's consent. You personally select whether or not you want to accept cookies. Most internet browsers accept cookies automatically. If you do not want cookies to retrieve information from your session, you can choose to shut them off. You can do so via the settings for your internet browser. If you delete all cookies, certain functions on the website may stop working. However, you can always remove the cookies which are used for statistics and the website will continue to work. If your internet browser or a corresponding app which connects you to the internet is set to allow cookies when you visit the website, you are thereby deemed to have granted your consent to such use.

For more information regarding cookies, please visit PTS's website.

2.1 Cookies on the website

There are different types of cookies: cookies which are saved for a specific amount of time on the user's computer and session cookies.

We use the first type of cookies to collect visitor statistics. They save information for a longer period of time on your computer after the internet browser is closed and they are used to maintain statistics regarding what visitors do on our website. We collect statistics by using Google Analytics, an internet analysis service from Google. This means that data from many of our cookies is stored on servers which are owned by Google. Information which is collected includes, for example, where the visitor comes from, how long the visitor is on the website, and which pages are visited. The information helps us evaluate how our users use the website and how we can improve it. Google cannot tie the visitor's IP address to data in Google's possession. The user can opt out of statistics cookies without affecting the functions of the website.

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2.2 Specific cookies

The following cookies are used on Pandox's website.

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