Annual Report 2021: Welcome back
2021 was a year with many faces. Covid-19 and government restrictions had a very negative impact on the first part of the year. In the later part of the year there was strong recovery in the hotel market thanks to vaccination programmes, eased restrictions and pent-up travel demand among both leisure and business travellers.
The year 2021
Comments from management
"Onwards and upwards""In the later part of the year there was strong recovery in the hotel market thanks to vaccination programmes, eased restrictions and pent-up travel demand among both leisure and business travellers."
Read Liia Nõu's CEO comments here.
"Pandox is a driven, forward-looking company""At my first meetings with my colleagues at Pandox I was also struck by the in-depth expertise everyone seemed to have in their respective areas."
Read Anneli Lindblom's CFO comments here.
Stable earnings despite the pandemic
Throughout the Covid-19 pandemic Pandox has reported positive cash earnings in each individual quarter, which clearly demonstrates the resilience of the business model in difficult times.
Net operating income, MSEK
Cash earnings, MSEK
Loan to value, net
Property market value, MSEK
We are accelerating the pace to offer sustainable properties
Number of BREEAM certified properties
Energy intensity, kWh/sq m
The future in focus
Thanks to Pandox’s considerable platform of hotel properties and partnerships throughout Europe, attractive opportunities to invest in our existing portfolio are always arising. They include investments in renovation, new rooms, expansion or to improve energy efficiency. In 2021, despite the uncertain situation, Pandox invested around MSEK 1,000 in projects to boost future growth. Examples from the year include a major expansion of Scandic Luleå, vitalisation and rebranding of DoubleTree by Hilton Brussels City, renovation of nhow Brussels Bloom and the creation of ultra-modern conference spaces at Hotel Berlin, Berlin.
Value creation in practice
Large investment in existing portfolio
Holiday Inn Brussels Airport turned the crisis into an opportunityWhen the Covid-19 pandemic struck, Holiday Inn Brussels Airport chose to turn the crisis into an opportunity. With an empty hotel, large, long-awaited renovations of all rooms and public areas were carried out to make the hotel in top condition ahead of the guests' return.
Pandox invests big in Luleå, Norrland’s commercial centreIn summer 2021, barely 18 months after ground was first broken, the major expansion of Scandic Luleå was complete. A total of 118 rooms were added, 112 of which are in a brand new nine-storey building.
Pandox Hotel Market Day 2021
Pandox held its annual Hotel Market Day 2021 on 23 November.
Based on the theme "The big follow-up", well-known experts discussed global trends before and after covid-19 and its implications for the hotel sector.See the full event here