Pandox AB has completed the acquisition of three aparthotels with a total of 503 rooms in central London. The hotels are branded Residence Inn by Marriott and are operated by Axiom Hospitality under a management agreement. The acquisition is financed by available cash funds and a new green bank loan.
“We are happy to have acquired three well-positioned freehold aparthotels in strong locations in central London, thereby increasing our exposure towards the attractive ‘extended-stay’ segment. The hotels are highly profitable, and the hotel products are well established in the market with strong distribution via Marriott International, which has become a new cooperation partner to us. The hotel properties are of high technical and environmental standards and contribute positively to the overall quality of our hotel property portfolio. Through the acquisition, we also increased our already strong hotel operating partnership with Axiom Hospitality to a total of eight hotels in the UK,” said Liia Nou, CEO of Pandox.
The portfolio includes three hotels in attractive micro-locations in central London with a total of 503 rooms. The hotel properties are modern and underwent comprehensive renovations before the pandemic, as a result of which the hotels were repositioned according to Residence Inn by Marriott’s brand standards. The average room size is 28m2 and there are several room configurations, all of them with a kitchen or kitchenette. The hotels’ locations and room configurations make them well-designed for long and short stays for both business and leisure travellers, which together with efficient hotel operations lay the foundation for high profitability.
Image source - Cision.
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