Pandox Reaches Agreement with NH Hotel Group for Hotel Property in Brussels

Pandox AB (publ) has reached an agreement to acquire NH Brussels Louise in the center Brussels, Belgium. The hotel has 246 rooms and is owned and operated by Spain’s largest hotel chain NH Hotel Group. The agreement supports of the NH hotel group review of the strategy Brussels where pandox is a key partner. The total value of the transaction is approximately €35 million and is financed with cash and existing credit facilities. The transaction is expected to close in early Q4 2022. pandox is currently evaluating the best business alternative for the hotel, and it will initially be featured in the Operator Activities line of business.

“We have a well-established partnership with NH Hotel Group and appreciate the opportunity to acquire the NH Brussels Louise. The hotel enjoys a privileged location in the center Brussels with good development potential. Brussels is a growing hotel market in which we have been active for nearly 25 years and which we know very well. We have eight hotel properties in Brusselsincluding six in Operation Activities and two in Property Management with NH Hotel Group as a tenant, making us a major hotel owner and hotel operator in the city. Over the years we have successfully improved hotel properties in many different markets, including Brussels. Thanks to our strong local commercial and technical platform in BrusselsI am convinced that we will be able to generate a good return on our investment in NH Brussels Louise”, says Liia Nõu, CEO of pandox.

The stabilized return on hotel real estate should be well in line with The pandoxes average of the hotel stock. pandox sees significant value creation opportunities through investments in the hotel product. The hotel will initially be featured in the Operator Activities line of business while pandox evaluates suitable business alternatives.

FOR MORE INFORMATION PLEASE CONTACT:

Liia Nõu, CEO, +46 (0) 702 37 44 04Anneli LindblomCFO, +46 (0) 765 93 84 00Anders BergSVP Communication and IR Manager, +46 (0) 760 95 19 40

The information has been submitted for publication, through the contact persons listed above, to 2:30 p.m. CEST on August 1, 2022.

About pandox
pandox is one of the main owners of hotels in North Europe with a focus on large hotels in key leisure and business destinations. The pandoxes The hotel real estate portfolio currently comprises 156 hotels with approximately 35,500 hotel rooms in 15 countries. The pandoxes The business is organized into Property Management, which includes hotel properties leased on a long-term basis to the market’s leading regional hotel operators and leading international hotel operators, and Operator Business, which includes hotel operations executed by pandox in its owned hotel properties. pandox was founded in 1995 and the company’s B shares are listed on Nasdaq Stockholm. www.pandox.se

https://news.cision.com/pandox/r/pandox-enters-into-agreement-with-nh-hotel-group-regarding-a-hotel-property-in-brussels,c3609021

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