Stockholm, 27 March 2008
PANDOX SIGNS LEASE AGREEMENT WITH SCANDIC FOR HOTEL SKOGSHÖJD IN SÖDERTÄLJE
Pandox has signed a revenue-based lease agreement with Scandic for the operation of Hotel Skogshöjd in Södertälje. The hotel which has 225 rooms and is located in central Södertälje, will be managed under Scandic's strong brand and operating organisation from 1 May 2008.
Pandox will continue to pursue active, committed ownership, including completion of a SEK 20 million investment project.
"Pandox and Scandic continues to cooperate and do interesting business together," says Erik Hvesser, Business Area Manager at Pandox. "After the renovation, Hotel Skogshöjd will considerably have strengthened its position as a leading regional business and conference hotel."
Pandox acquired Best Western Hotell Skogshöjd and Quality Hotel Park, including the operating companies, in Södertälje in early 2007. The commercial aspects were evaluated last year, and an action programme was approved for each hotel. As a result, a SEK 25 million development project is now under way at Quality Hotel Park and the strategy for Hotel Skogshöjd is to upgrade the hotel in partnership with Scandic.
For additional information, please feel free to phone:
Anders Nissen, CEO, Pandox AB, +46 8 506 205 50
Erik Hvesser, Business Area Manager, Pandox AB, +46 8 506 205 57
Pandox is one of the leading players in the European hotel property market. The portfolio contains 44 hotels, including nine operations, with a total of 10,200 rooms in Sweden, Denmark, Germany, Belgium, the Bahamas, the UK, Switzerland and Canada. Pandox operates its hotels in various forms under well-known brands such as Hilton, InterContinental, Crowne Plaza, Radisson SAS, Holiday Inn, Scandic, Elite, Clarion, Quality and First, or through independent distribution channels.