Swedish hotel company Pandox is strengthening its position in the Belgian hotel property market with the purchase of the Brussels Hilton hotel property and operations for EUR 29 mln.
Swedish hotel company Pandox is strengthening its position in the Belgian hotel property market with the purchase of the Brussels Hilton hotel property and operations for EUR 29 mln.
The acquisition adds to Pandox's Belgian portfolio consisting of six hotels with a total of 1,750 rooms in the Belgian capital and Antwerp. The seller is an undisclosed US investment company.
Built in 1967, the property is located at Boulevard Waterloo, near the prestigious Avenue Louise shopping street. It comprises 432 rooms on 26 floors with several conference floors, two restaurants, fitness and spa centres.
Pandox intends to restore the outdated property to its historically strong position as one of the city's leading business and conference hotels in the premium segment. The company plans to invest just over EUR 25 mln in the redevelopment of the building's interior space.
'We see significant potential in such a well-known hotel, and it will be a great honour for us to take on this development work,' said Chief Executive Anders Nissen.
In August, Pandox teamed up with two Norwegian firms, Eiendomsspar and Sundt, to acquire Norgani Hotels for NOK 8.3 bn (just over EUR 1 bn) from Oslo Properties, a 100% owned subsidiary of Norwegian Property (NPRO). Norgani has 73 hotels that are leased to hotel operators like Scandic and Choice Hotels in Norway, Sweden, Finland and Denmark.
Pandox is a leading specialised hotel real estate specialist in Europe in terms of geographical diversity, number of hotels and brands. After the acquisition, its EUR 2.3 bn hotel property portfolio will include 120 hotel properties, nine operational businesses and one conference centre (Helsinki).