Pandox acquires two hotels for MEUR 83
Pandox AB (publ) has entered into an agreement to acquire two hotel properties including operations in the Hague (the Netherlands) and Hannover (Germany) with a total of 421 rooms. The total transaction value amounts to approximately MEUR 83, excluding minority. The acquisition is financed by existing credit facilities. The hotels will be managed by Grape Hospitality through a management agreement with Pandox and under the existing Novotel brand. Full year 2020 the hotels are expected to contribute approximately MEUR 16 in sales and approximately MEUR 5.4 in net operating income. The