Pandox acquires Norgani Hotels AS
(Thomson Reuters ONE) -
PRESS RELEASE, 24 August 2010
Pandox acquires
Norgani Hotels AS
- establish Europe's leading hotel property company
Swedish-based hotel property company Pandox AB has reached an agreement, with
financial support from its owners, to acquire Norgani Hotels AS, Norway. The
acquisition price is NOK 8.3 bn. (EUR 1 bn.) and is conditional on funding and
the approval of competition regulators. Norgani's portfolio consists of 73 hotel
properties and one conference center (Helsinki) located in Sweden, Finland,
Norway and Denmark, with a total of 12,900 rooms.
After this acquisition, Pandox will be the leading specialised hotel property
company in Europe in terms of geographical diversity, number of hotels and
brands.
Pandox's portfolio
The value of Pandox's hotel property portfolio, will after the after
acquisition, be EUR 2.3 bn. Estimated rental revenues are EUR 185 m pro forma
with cash flow of EUR 75 m.
Pandox's hotel property portfolio will include 119 hotel properties with 24,000
rooms, nine operational businesses and one conference centre (Helsinki). There
will be a total of 15 brands in the portfolio.
The majority of hotels are located in growing and dynamic city locations, near
airports or close to exhibition and conference centres. The hotel offerings are
mainly in the profitable upper-middle and premium segments.
Geographical diversity
Pandox will be running its business in ten countries: Sweden, Finland, Norway,
Denmark, Germany, Belgium, Switzerland, the UK, Canada and the Bahamas. The
company will be active in a total of 60 locations.
Revenues will be sourced as follows, Sweden with 49%, Finland with 13%, Norway
with 11% and Denmark with 6%. International revenues are mainly sourced from
Belgium, with 7.5%, Germany with 6%-plus, Canada with 3%, and the UK, 2%.
There is a good overall balance in the revenue structure, with 53% sourced from
locations that largely have stable domestic demand such as Sweden's regional and
university cities. The remaining 47% are sourced from international locations
that have greater dynamics and potential.
The Stockholm region will be the largest city with ownership of 20 hotels,
including the Hilton Stockholm Slussen, the Scandic Malmen, Hasselbacken and
Park, and the Radisson Blu Arlandia. Other major locations include Helsinki,
Copenhagen and Gothenburg.
The primary locations of revenue sources outside Scandinavia are Brussels,
Montréal, Berlin and London.
"Pandox continues to play an active role in restructuring the hotel property
market. We feel humbled and inspired to get the opportunity to establish
ourselves as one of the big players in Europe," commented Anders Nissen, CEO of
Pandox.
"Getting started on development work, hotel by hotel, is a priority and we're
looking forward to strengthening our contact interfaces with old and new
partners."
Several of the hotels in Norgani's portfolio need active measures such as
investment, revised lease structures and product development. Pandox estimates
the cost of this work at EUR 125 m.
Lease structures
The majority of revenues, 88%, come from variable lease agreements relating to
hotel operator sales, while the remaining 12% comes from own operations.
Leases are structured so Pandox benefits from market growth and development work
in hotels, while risk are limited through guarantee levels.
Multi-brand portfolio
The hotels in Pandox portfolio will be marketed by 15 well-known brands and a
number of independent web-based distribution channels. The largest will be
Scandic, with 45%. Choice, with its three brands of Clarion, Quality and
Comfort, represents just over 13% of revenues, while the Hilton share is nearly
12%. Other brands include InterContinental, Radisson Blu, Crowne Plaza, Hyatt,
Holiday Inn, Elite, First, Rica, Ibis and Best Western.
The multi-brand portfolio will continue to develop Pandox's unique network and
skills in the hotel sector.
Pandox own hotel operations
Pandox's business model is based on creating the best local conditions, hotel by
hotel. This means that some hotels are operated by Pandox, considered a natural
business segment for a specialised hotel property company. At present, Pandox
operates nine hotels located in Belgium, Germany, Canada and the Bahamas. This
operation has estimated sales of EUR 115 m this year, providing EBITDA of over
EUR 20 m.
For more information, please contact:
Anders Nissen
CEO, Pandox AB
+46 (0)708 46 02 02
anders.nissen(at)pandox.se
Liia Nõu
CFO, Pandox AB
+46 (0)70 237 44 04
liia.nou(at)pandox.se
Pandox is the leading player in the hotel property market in Europe regarding
geographic area, number of hotels and brands. The portfolio consists of 119
hotels, nine operational businesses, more than 24,000 rooms located in Sweden,
Finland, Norway, Denmark, Germany, Belgium, the UK, Switzerland, the Bahamas and
Canada. Pandox's hotels operate through differing business structures under
well-recognised brands such as Scandic, Hilton, InterContinental, Hyatt,
Radisson Blu, Crowne Plaza, Holiday Inn, Clarion, Quality, Elite, First, Rica,
Ibis, Best Western or through independent distribution channels. Pandox is owned
by the Norwegian companies Sundt AS and Eiendomsspar AS.
Pandox hotel portfolio - August 2010
Sorted by country.
Country Hotel Partner City No. rooms
--------------------------------------------------------------------------------
Bahamas Pelican Bay at Lucaya Private Bahamas 184
InterContinental
Belgium Crowne Plaza Antwerpen Hotels Antwerp 264
Crowne Plaza Brussels InterContinental
Belgium City Hotels Brussels 354
Belgium Hilton Brussels City Hilton Brussels 283
Holiday Inn Brussels InterContinental
Belgium Airport Hotels Brussels 310
Belgium Hotel Bloom! Pandox Brussels 305
Scandic Hotel
Belgium Antwerpen Scandic Antwerp 204
Scandic Hotel Grand
Belgium Place Scandic Brussels 100
Canada Hyatt Regency Montreal Hyatt Montreal 605
Intercontinental InterContinental
Canada Montreal Hotels Montreal 357
Clarion Collection
Denmark Hotel 27 Choice Copenhagen 200
Clarion Collection
Denmark Hotel Mayfair Choice Copenhagen 105
Denmark Comfort Hotel Europa Choice Copenhagen 230
Comfort Hotel
Denmark Excelsior Choice Copenhagen 99
Scandic Hotel
Denmark Copenhagen Scandic Copenhagen 484
Airport Hotel Bonus
Finland Inn Private Vantaa 211
Finland Comfort Hotel Pilotti Private Vantaa 112
Hilton Helsinki
Finland Kalastajatorppa Scandic/Hilton Helsinki 238
Finland Hilton Helsinki Strand Scandic/Hilton Helsinki 192
Finland Hotel Korpilampi Private Espoo 150
Rantasipi Imatran
Finland Valtionhotelli Restel Imatra 135
Finland Scandic Continental Scandic Helsinki 512
Finland Scandic Espoo Scandic Espoo 96
Finland Scandic Grand Marina Scandic Helsinki 462
Finland Scandic Jyväskylä Scandic Jyväskylä 150
Finland Scandic Kajanus Scandic Kajaani 191
Finland Scandic Kuopio Scandic Kuopio 137
Finland Scandic Luosto Scandic Luosto 59
Finland Scandic Rosendahl Scandic Tampere 213
Finland Scandic Tampere City Scandic Tampere 263
Germany Hilton Bremen Hilton Bremen 235
Germany Hilton Dortmund Hilton Dortmund 190
Germany Hotel Berlin, Berlin Pandox Berlin 701
Germany Scandic Lübeck Scandic Lübeck 158
Clarion Collection
Norway Arcticus Choice Harstad 75
Clarion Collection
Norway Hotel Bastion Choice Oslo 99
Comfort Hotel
Norway Børsparken Choice Oslo 198
Norway Comfort Hotel Holberg Choice Bergen 140
Quality Hotel & Resort
Norway Fagernes Choice Fagernes 139
Quality Hotel & Resort
Norway Hafjell Choice Øyer 210
Quality Hotel & Resort
Norway Kristiansand Choice Kristiansand 210
Quality Hotel
Norway Alexandra Choice Molde 163
Radisson Blu Hotel
Norway Bodø Rezidor Bodø 191
Radisson Blu
Norway Lillehammer Hotel Private Lillehammer 303
Norway Rica Hotel Bodø Rica Bodø 113
Norway Rica Hotell Hamar Rica Hamar 176
Norway Scandic Bergen Airport Scandic Bergen 197
Norway Scandic KNA Scandic Oslo 189
Best Western Mora
Sweden Hotell & Spa Private Mora 135
Best Western Royal
Sweden Corner Private Växjö 158
Clarion Grand Hotel
Sweden Helsingborg Choice Helsingborg 164
Clarion Grand Hotel
Sweden Östersund Choice Östersund 176
Clarion Plaza Hotel
Sweden Karlstad Choice Karlstad 131
Elite Park Avenue
Sweden Göteborg Elite Hotels Gothenburg 317
Elite Stora Hotellet
Sweden Jönköping Elite Hotels Jönköping 135
First Hotel Grand
Sweden Borås First Hotels Borås 158
Sweden First Hotel Linköping First Hotels Linköping 133
Sweden First Hotel Mårtenson First Hotels Halmstad 103
Sweden First Hotel Royal Star Private Stockholm 103
Hilton Stockholm
Sweden Slussen Hilton Stockholm 289
Sweden Ibis Stockholm Syd Accor Stockholm 190
Sweden Mr Chip, Kista Private Stockholm 150
Sweden Quality Hotel Ekoxen Choice Linköping 190
Quality Hotel Grand
Sweden Kristianstad Choice Kristianstad 149
Sweden Quality Hotel Luleå Choice Luleå 209
Sweden Quality Hotel Nacka Choice Stockholm 164
Quality Hotel Park
Sweden Södertälje Choice Södertälje 157
Quality Hotel Prins
Sweden Phillip Choice Stockholm 201
Sweden Quality Hotel Prisma Choice Skövde 107
Quality Hotel Winn,
Sweden Göteborg Choice Gothenburg 121
Sweden Radisson Blu Arlandia Rezidor Stockholm 335
Radisson Blu Hotel,
Sweden Linkoping Rezidor Linköping 91
Sweden Radisson Blu Malmö Rezidor Malmö 229
Sweden Scandic Hasselbacken Scandic Stockholm 112
Sweden Scandic Hotel Alvik Scandic Stockholm 325
Sweden Scandic Hotel Backadal Scandic Gothenburg 232
Scandic Hotel
Sweden Billingen Scandic Skövde 107
Sweden Scandic Hotel Bollnäs Scandic Bollnäs 111
Sweden Scandic Hotel Bromma Scandic Stockholm 144
Scandic Hotel Crown
Sweden Göteborg Scandic Gothenburg 338
Sweden Scandic Hotel Elmia Scandic Jönköping 220
Sweden Scandic Hotel Ferrum Scandic Kiruna 170
Scandic Hotel Gävle
Sweden Väst Scandic Gävle 201
Scandic Hotel
Sweden Hallandia Scandic Halmstad 154
Scandic Hotel
Sweden Helsingborg Nord Scandic Helsingborg 237
Scandic Hotel Järva
Sweden Krog Scandic Stockholm 215
Scandic Hotel Kalmar
Sweden Väst Scandic Kalmar 148
Scandic Hotel
Sweden Klarälven Scandic Karlstad 143
Sweden Scandic Hotel Kramer Scandic Malmö 113
Scandic Hotel Kungens
Sweden Kurva Scandic Stockholm 257
Scandic Hotel
Sweden Linköping Scandic Linköping 150
Sweden Scandic Hotel Luleå Scandic Luleå 159
Sweden Scandic Hotel Malmen Scandic Stockholm 327
Sweden Scandic Hotel Mölndal Scandic Gothenburg 208
Scandic Hotel
Sweden Norrköping Nord Scandic Norrköping 150
Sweden Scandic Hotel Park Scandic Stockholm 201
Scandic Hotel S:t
Sweden Jörgen Scandic Malmö 288
Scandic Hotel
Sweden Segevång Scandic Malmö 161
Scandic Hotel
Sweden Skogshöjd Södertälje Scandic Södertälje 225
Scandic Hotel Star
Sweden Lund Scandic Lund 196
Scandic Hotel Star
Sweden Sollentuna Scandic Stockholm 269
Scandic Hotel
Sweden Sundsvall Nord Scandic Sundsvall 159
Scandic Hotel
Sweden Södertälje Scandic Södertälje 131
Scandic Hotel
Sweden Trollhättan Swania Scandic Trollhättan 198
Sweden Scandic Hotel Umeå Syd Scandic Umeå 162
Sweden Scandic Hotel Uplandia Scandic Uppsala 133
Scandic Hotel
Sweden Upplands-Väsby Scandic Stockholm 150
Scandic Hotel Uppsala
Sweden Nord Scandic Uppsala 184
Sweden Scandic Hotel Winn Scandic Karlstad 199
Sweden Scandic Hotel Västerås Scandic Västerås 174
Sweden Scandic Hotel Växjö Scandic Växjö 123
Sweden Scandic Hotel Örebro Scandic Örebro 221
Scandic Hotel Örebro
Sweden Väst Scandic Örebro 204
Scandic Hotel
Sweden Östersund Scandic Östersund 129
Sweden Scandic Plaza Borås Scandic Borås 135
Stadshotellet Princess
Sweden Sandviken Private Sandviken 84
Vildmarkshotellet
Sweden Kolmården Private Norrköping 213
Switzerland Radisson Blu Basel Rezidor Basel 205
UK Hilton Docklands Hilton London 365
--------------------------------------------------------------------------------
119 23 954
HOTELS ROOMS
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Marina Congress Center
Finland Linked to Scandic Scandic Helsinki
Grand Marina
[HUG#1439688]
Encl: Complete press release_Pandox acquires Norgani Hotels AS:
http://hugin.info/1165/R/1439688/384024.pdf
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Datum: 24.08.2010 - 08:16 Uhr
Sprache: Deutsch
News-ID 39914
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