The business segment Property management comprises Pandox’s owned Investment properties, which are leased long-term to third party market-leading regional hotel operators such as Scandic and Nordic Choice, and leading international hotel companies such as Hilton and Rezidor.
Investment properties' share of the market value of Pandox's total property portfolio amounts to approximately 85 percent.
In addition, Pandox manages various hotel properties on behalf of external owners, currently nine hotels in Oslo with 1,779 rooms (commercial and technical asset management) and the Pelican Bay Lucaya Resort on the Grand Bahama Island with 186 rooms (commercial asset management).
The eight asset management agreements in Oslo are reported under the Property management segment, whereas Pelican Bay Lucaya Resort is reported under Operator activities.
Pandox's income from these agreements amount to a percentage of the yearly rental income (Oslo) and yearly hotel revenue (Pelican Bay Lucaya Resort) respectively.
Read more about Pandox Investment properties