“It’s all about growth and cash flow” – inside Pandox Capital Markets Day 2026

Across presentations, discussions and hotel visits, one message returned again and again: Pandox does not see itself as a passive hotel property owner.

“We have a long-term strategy, but within that, we have an opportunistic mindset,” said CEO Liia Nõu during the opening presentation. “We are open to try new things – all to create value.”

That mindset has shaped Pandox for three decades. From 18 hotels in Sweden in 1995, the company has grown into one of Europe’s largest hotel property owners, with 192 properties across 11 countries and a portfolio value of SEK 93 billion.

A market driven by experiences

The backdrop for the day was a hotel market that continues to benefit from long-term structural growth.

“People are putting more value on experiences rather than material things,” Liia Nõu said. “The world grows wealthier, people get wealthier, and when they do, they travel more.”

Pandox highlighted how European hotel demand has grown consistently over the past two decades, supported by urbanization, international travel and changing consumer behaviour. At the same time, supply growth in several key markets remains relatively limited – particularly in cities such as Stockholm and Oslo.

For Pandox, those market dynamics create room for something the company repeatedly returned to during the day: active ownership.

“We really love more rooms”

One of the clearest themes throughout the presentations was how Pandox works asset by asset – constantly looking for ways to improve performance, reposition hotels and unlock hidden value.

Sometimes that means major redevelopment projects. Sometimes it means finding overlooked opportunities inside existing buildings.

“We really love more rooms,” CFO Anneli Lindblom said with a smile while describing how Pandox continuously expands capacity within its existing portfolio.

Examples shared during the day included:

• converting underutilized spaces into guestrooms
• extending existing hotels
• repositioning properties into stronger market segments
• adding spas, meeting facilities and new food & beverage concepts

In Malmö, Pandox is converting retail space into 45 additional hotel rooms. In Brussels, the company is extending the DoubleTree by Hilton with another 150 rooms and a new 600-guest ballroom. In Edinburgh, an office building is being transformed into a new Clayton Hotel.

Across the portfolio, Pandox currently has 49 ongoing or planned projects in eight countries, representing investments of SEK 4.2 billion.

Turning complexity into opportunity

Another recurring message was that many of Pandox’s best transactions start with operational complexity.

Hotels with outdated concepts, difficult lease structures or operational challenges are often where the company sees the greatest opportunity.

“We can find ways through the transaction in order to find a long-term solution,” said Jake Rasin, SVP of Transactions.

One example presented during the day was a former Best Western hotel in Stockholm, where Pandox negotiated simultaneously with both the property owner and operator before repositioning the hotel into the new Scandic Go concept.

Another was the transformation of the former Maritim Hotel in Nürnberg, where Pandox first operated the hotel itself before signing a long-term lease with Scandic after repositioning the asset.

The recently completed acquisition of Dalata Hotel Group was also described as a milestone transaction for the company, strengthening Pandox’s position in Ireland and the UK.

Looking deeper into the hotel business

For many participants, one of the most interesting parts of the day was the insight into Pandox’s operational platform.

Unlike many traditional property companies, Pandox combines real estate expertise with operational hotel knowledge. That capability allows the company to evaluate brands, operators and business models from the inside.

“We look deep into the kitchen of the big brands,” said Aldert Schaaphok, SVP and Director International Operations.

That operational perspective influences everything from transactions and lease negotiations to investment decisions and revenue optimization.

The company also shared examples of how AI and data analytics are becoming increasingly important in hotel operations. In Pandox’s own operations business, AI-driven systems are now being used to analyse performance, optimize operations and improve reporting processes.

Sustainability as value creation

Sustainability was another central theme throughout the presentations – but always linked back to profitability and long-term value creation.

“Sustainability at Pandox is fundamentally about value creation,” said Caroline Tivéus, SVP and Director of Sustainable Business.

Examples included investments in heat pumps, solar panels, energy optimization and AI-supported building management systems. Several projects have delivered strong returns while simultaneously reducing carbon emissions and operating costs.

Pandox also highlighted that approximately 40 percent of its loan portfolio is now linked to sustainability financing.

“We are standing on the brink of seven good years”

The day concluded with reflections from Chairman Christian Ringnes, who offered a longer-term perspective on both cyclicality and opportunity in the hotel market.

After describing the pandemic years, rising interest rates and supply growth as “the seven bad years”, he argued that market conditions are now shifting again.

“We are standing on the brink of seven good years,” he said.

His reasoning was based on several factors discussed throughout the day: continued travel growth, limited new hotel supply and attractive yield spreads in the hotel sector.

For Pandox, the conclusion was clear.

“It’s all about growth and cash flow,” Liia Nõu said earlier in the day.

And after a full day of presentations, discussions and hotel visits across London, that message had become difficult to miss.

Recording of presentations

Link to webcast

Press release

Pandox’s value creation in focus at today’s Capital Markets Day

here