Pandox takes over operations at two hotels in Copenhagen

Pandox is increasing the number of hotels under its own operations and is today taking over operative responsibility for the 223 room Omena Hotel Copenhagen in central Copenhagen. In December 2013, Pandox also took over operations at First Copenhagen, a 215 room conference hotel located between the city and the airport. Both the hotels will be run under franchise agreements with the current operators.

- A logical aspect of Pandox' active ownership strategy is to operate hotels ourselves. This can happen when it is commercially impossible to continue with the current operator or when a hotel is in need of a major renovation. We believe the outlook for the Copenhagen market looks positive and we will immediately start developing the businesses and improve profitability at both the hotels, says Anders Nissen, CEO at Pandox.

Pandox is one of the leading hotel property companies in Europe with business in ten countries. The portfolio consists of 120 hotel properties and one congress center. Including the Copenhagen additions, Pandox currently runs 16 hotels, with a total of nearly 5 000 rooms and an annual turnover of approximately SEK 1.4 billion, under its own operations. The hotels are located in Antwerp, Berlin, Brussels, Copenhagen, Helsinki, Montreal and the Bahamas.

Pandox philosophy, when running hotels under its own operations, is to build strategy and competence locally for each hotel.

For more information, please contact:

Anders Nissen                    
CEO, Pandox AB                 
+46 (0)708 46 02 02
anders.nissen@pandox.com

Pandox is the leading player in the hotel property market in Europe regarding geographic area, number of hotels and brands. The portfolio consists of 120 hotels, one congress center, sixteen operational businesses, with 25,000 rooms located in Sweden, Finland, Norway, Denmark, Germany, Belgium, the UK, Switzerland, the Bahamas and Canada. Pandox's hotels operate through different business structures under well-recognised brands such as Scandic, Hilton, InterContinental, Hyatt, Radisson Blu, Crowne Plaza, Holiday Inn, Clarion, Quality, Elite, First, Rica, Park Inn, Best Western, Rantasipi, Omena or through independent distribution channels. Pandox is owned by the Norwegian companies Eiendomsspar AS, CGS Holding AS and Helene Sundt AS.

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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 147 hotels with approximately 32,800 hotel rooms in fifteen countries. Pandox's business is organised into Property Management, which comprises hotel properties leased on a long-term basis to market leading 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.

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