Pandox to establish Asset Management division
The Pandox Group continues to expand. The company is currently strengthening its offering by adding a new business area, introducing the new division, Pandox Asset Management. The mission for this new business area is to efficiently manage hotel properties on behalf of external property owners.
During 2014, Pandox already established the new operating company, Pandox Operations, with the mission to run hotels owned by Pandox and external owners.
These developments to the Pandox business model should be seen as part of the ongoing changes within the hotel industry and reflect the significant changes that the global hotel industry has seen over the last 15 years. A majority of international hotel companies have become pure brand companies, whilst traditional hotel companies with a focus on operations have become less and less common. Another increasing trend that is gaining momentum is the consolidation that is taking place among operating companies – large grows larger.
– The hotel market has become more demanding for the property owners. There are fewer operating companies at the same time as operations have become more complex. This has added to an increased reliance that hotel property owners have to put on the few remaining operating companies. It is necessary for the hotel property owners to meet this challenge proactively. By using Pandox Asset Management, other property owners can share in Pandox’s broad experience as an active hotel property owner, says Anders Nissen.
For more information, please contact:
Anders Nissen
CEO, Pandox AB
+46 (0)708 46 02 02
anders.nissen@pandox.se
Pandox is one of the leading players in the European hotel market. The company is active within three business areas; hotel properties, hotel operations and asset management. The company operates across nine countries – Sweden, Norway, Denmark, Finland, Belgium Germany, Canada, Switzerland and the Bahamas. The hotels are managed under different types of agreements and are marketed under 16 well known hotel brands such as Scandic, InterContinental, Hilton, Hyatt, Crowne Plaza, Holiday Inn, Radisson Blu, Clarion, Comfort, Quality, Elite and First. Pandox has also created a number of independent brands such as The Hotel Brussels, Hotel Bloom!, Hotel Berlin, Berlin and Urban House Copenhagen.
Pandox Hotel Properties contains the company’s fully owned property portfolio which includes 104 hotels with a total of 22,000 rooms and a congress centre.
Pandox Operations is our operating company which comprises 17 hotels across 7 countries with a total of 5,300 rooms. The company has a turnover of some 220 million euro and 1,600 employees.
Pandox Asset Management manages hotel properties on behalf of external owners.
The underlying value of the company’s total portfolio is approximately 3 billion euro. Pandox was founded in 1995 and is owned by Eiendomsspar AS, CGS Holding AS and Helene Sundt AS.
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