Pandox Asset Management signs first agreement

Today, Pandox’s new asset management company, Pandox Asset Management, has signed an agreement with the Norwegian property company Eiendomsspar AS, which also owns 50% of Pandox AB, to assume the management of the majority of Eiendomsspar’s hotel properties. The commission includes eight hotel properties with a total of 1,500 rooms, all of them in Oslo.

– We look forward to developing a close relationship with Eiendomsspar and to the prestigious assignment to manage and develop their hotel properties. This agreement is part of the company’s new strategy to manage hotel properties for other owners than Pandox and we look forward to finding more opportunities of a similar nature, says Anders Nissen, CEO, Pandox.

The agreement covers the following hotel properties:

  • Clarion Collection Gabelshus, 114 rooms
  • Clarion Collection Folketeatret, 160 rooms
  • Scandic Gardermoen, 135 rooms
  • Scandic Helsfyr, 253 rooms
  • Scandic Holberg, 133 rooms
  • Scandic Holmenkollen Park, 336 rooms
  • Scandic Oslo City, 175 rooms
  • Scandic Victoria, 199 rooms

Pandox Asset Management – offer:

  • Regular updates on market developments
  • Access to the knowledge and resources of Pandox’s own operations management organisation
  • Hotel market analysis and property development
  • Communication and cooperation with the operator as well as negotiations to secure market level agreements
  • Risk limitation: ability to assume operations and secure the value of the property
  • Analysis and evaluation of rental incomes. Ensure that quality reports are produced
  • Production of written plans for operations and maintenance, and full responsibility for their effective execution
  • Analysis and recommendations of investments aimed to maximise potential while limiting risks

FOR FURTHER INFORMATION, PLEASE CONTACT:

Anders Nissen, CEO Pandox AB
+46 708 46 02 02
anders.nissen@pandox.se

Leif Kristen Olsen, Vice President, Area Manager, Norway and Sweden
+47 909 99 603
leif.kristen.olsen@pandox.se

About Us

Pandox is a leading owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations. Pandox's hotel property portfolio comprises 122 hotels with approximately 27,000 hotel rooms in eleven countries. Pandox's business is organised into Property Management, which comprises hotel properties leased on a long-term basis to market leading regional hotel operators and leading international hotel operators, and Operator Activities, which comprises hotel operations executed by Pandox in its owner-occupied hotel properties. Pandox was founded in 1995 and the company's B shares are listed on Nasdaq Stockholm.