Pandox has acquired seven hotel properties in Europe from Invesco Real Estate via its European Hotel Real Estate Fund II. Four properties are located in Germany, two in Austria and one in the Netherlands – with a total of 1,744 rooms. The acquisition price amounts to €415m. The hotels are operated by well-established hotel operators (NH Hotels, Rezidor and Grand City Hotels) under well-known brands (NH, Radisson Blu and Park Hotel Amsterdam) with long-term revenue-based lease agreements with rental guarantee levels and shared investments. The acquisition is financed by a new five year bank loan with Aareal Bank amounting to approximately €270m and other existing credit facilities. Pandox completed the acquisition of the four hotel properties in Germany together with Eiendomsspar as a minority shareholder with 5.1 percent.
