Stockholm, 11 July 2007
Pandox establishes in North America
- acquires InterContinental Hotel in central Montreal
Pandox acquires well-known InterContinental Hotel in Montreal for CAN$ 49 million, approximately EUR 35 million. It is the company's first acquisition in North America. The hotel consists of 26-stories and is an integral part of World Trade Centre with direct access to the Montreal Convention Centre (Palais des Congrès).
The hotel consists of 357 rooms of international size, and offers the customers a full- service product with restaurants, bar, fitness and large conference and meeting facilities. The hotel is located in Old Montreal, close to the financial district.
"It is with both respect and curiosity that we broaden our geographical market. The acquisition creates a good base for our establishment in Canada and North America. We hope this will be the beginning of a selective expansion in North America", says Anders Nissen, CEO Pandox AB. "North America is a natural development of Pandox' internationalisation, which creates good conditions for the competence and knowledge the company possesses to develop hotel businesses in a broad geographical market."
Pandox and IHG (InterContinental Hotels Group) have signed a management agreement and will in close cooperation develop, modernise and run the hotel. The hotel is in need for upgrading and through an investment program of approximately CAN$ 11 million, approximately EUR 8 million, all hotel rooms will be refurbished, new F&B products developed as well as upgrading of the meeting and lobby areas.
Montreal is Canada's second largest city with a population of 3.6 million people and ranks first in the country in the number of international organisation headquarters. There is a strong demand for hotel rooms in the city. A demand that is expected to increase as Montreal becomes a more and more important city for congresses and meetings.
"We are looking forward to strengthen the collaboration with IHG with whom we have good experiences of", says Anders Nissen.
Seller of the hotel is InterContinental Hotels Group and Cadim, a division of the Caisse de dépôt et placement du Québec.
For further information:
Pandox is one of the leading players in the hotel property market in Europe. The portfolio consists of 44 hotels of which eleven operations, and with a total of around 10,000 rooms located in Sweden, Denmark, Germany, Belgium, Switzerland, the UK, the Bahamas and Canada. Pandox hotels operate under well-known brands such as Hilton, InterContinental, Crowne Plaza, Radisson SAS, Holiday Inn, Scandic, Elite, Clarion, Quality, First or through independent distribution channels.