Swedish hotel company Pandox has completed its second acquisition this month with the purchase of the Park Inn Solna hotel in the northern part of Stockholm. The property was acquired for EUR 22 mln from Franco-Dutch group Unibail-Rodamco.
Swedish hotel company Pandox has completed its second acquisition this month with the purchase of the Park Inn Solna hotel in the northern part of Stockholm. The property was acquired for EUR 22 mln from Franco-Dutch group Unibail-Rodamco.
The scheme, which is currently being redeveloped, offers 247 hotel rooms, as well as 14 conference facilities, a restaurant, bar and a spa centre. Winn Hotels is operating the hotel with a 15-year lease term under the Park Inn brand, part of the Rezidor group. The redevelopment work is scheduled for completion in November 2010.
After the acquisition of Park Inn Solna, Pandox owns 16 hotels in Stockholm with a total of 3,432 rooms. Earlier this month, Pandox purchased the Brussels Hilton hotel property and operations in the Belgian capital for EUR 29 mln. The acquisition added to Pandox's Belgian portfolio consisting of six hotels with a total of 1,750 rooms in the Belgian capital and Antwerp.
The purchases come shortly after Pandox's major acquisition in August of 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.