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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.

                            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


Hotel properties


Hotel rooms

Sustainability report

We are accelerating the pace to offer sustainable properties

Ongoing climate change requires action. New legal obligations are being introduced at a fast pace, the EU Taxonomy Regulation being among the most impactful so far. It requires entities to show what actions they are taking and to create new forms of cooperation to solve the global sustainability challenges. Read more here

Number of BREEAM certified properties


Renewable energy


Energy intensity, kWh/sq m

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