Pandox acquires 18 hotels in Germany for approx. MSEK 3,700
Pandox AB (publ) has entered into an agreement to acquire 18 hotel properties in Germany with a total of 3,415 rooms. The acquisition price, for which bank financing is secured, amounts to MEUR 400, corresponding to approximately MSEK 3,700, on a debt free basis including minority interest. The acquired hotel portfolio is expected to contribute the equivalent of approximately MSEK 150 in cash earnings 2016. The hotels are positioned in the upper mid-market segment with a well-balanced demand mix and are primarily marketed under the brand name Leonardo Hotels. Pandox has signed new 25-year