Pandox does another acquisition in Belgium and acquires the hotel properties Holiday Inn Brussels Airport and Crowne Plaza Antwerp including operations for €52 million. After the transaction Pandox owns hotel properties with 1,820 rooms in Brussels and Antwerp with a market value of approximately €275 million.
Holiday Inn Brussels Airport is a full service product with 310 rooms. The hotel has a strategic location close to Brussels' international airport in a business area with strong development of new offices. Crowne Plaza Antwerp, with 262 rooms and a well-developed meeting and conference business, has a good hotel location in direct connection to Antwerp's ring road and close to the city's historic center.
"Pandox follows its strategy and performs acquisitions of large hotels in attractive markets with high growth potential where we can use our knowledge to develop hotels in order to add value", says CEO Anders Nissen.
Pandox' main strategy will be to manage the hotels under present franchise agreement with InterContinental Hotels Group. The hotels are in need of upgrading and modernization. "Pandox will in close collaboration with the local managements work out strategic plans for the businesses and start active measures immediately," says Anders Nissen. The development programs are expected to last for two to three years and estimates to €8-10 million.
After the acquisition, Pandox has seven hotels with 1,820 rooms in the Brussels-Antwerp region, which makes the company to one of the leading players in this hotel market. The portfolio consists of four hotels under own operation and franchise or independent distribution channel, two hotels with lease agreements and one with a management agreement.
The seller, Westbridge, is an American investment and management company that acquired the hotels in 2006. Pandox took over the hotels in the end of June 2007.