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Annual report 2022: Historic comeback in the hotel market

2022 was the year the hotel market made a historic comeback. When the pandemic restrictictions loosened their grip early spring, a recovery started, which was both stronger and faster than what most people thought possible. For Pandox the good development translated into strong growth in revenues and net operating income of 73 and 71 percent respectively, compared with 2021.

Recovery resulted in strong earnings uplift

The year 2022 had a weak start due to Covid-19 restrictions, but when these were gradually lifted in early spring it was the beginning of a historically strong recovery that continued for the rest of the year. For Pandox this meant strong growth in revenue and profit compared with 2021.


NOI, MSEK +71% vs 2021


Cash earnings, MSEK +188% vs 2021


Loan to value, net


Property value, MSEK


Hotel properties


Hotel rooms

Sustainability report

”The pieces fall into place”

If 2021 was the year when Pandox sought to
find its role in the fast-moving transition, 2022 was the year when the pieces started falling into place. Our own ambitions, international agreements, laws and regulations have been the most important drivers.

Read more

Number of BREEAM certified properties


Share of renewable energy


Employee satisfaction

Future ways of working – how does it affect hotels?

Pandox’s annual Hotel Market Day on 15 November 2022 took as its theme “The future of work and what it means for hotels”. A great many experts discussed what a changed view of work means for hotels as products and workplaces.

View the complete Hotel Market Day here