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09/02/2010 PANDOX SNAPS UP NORGANI
Swedish hotel property company Pandox is to purchase Norway-based Norgani Hotels for an acquisition price of 1 billion euros.
The deal, which is conditional on funding and the approval of competition regulators, will see Pandoxs portfolio swell by 73 hotels and one conference centre located across Sweden, Finland, Norway and Denmark (a total of 12,900 rooms).
After the acquisition, the value of Pandoxs hotel portfolio will reportedly rise to 2.3 billion euros.
Some of the Norgani properties need work, such as investment and revised lease structures, and Pandox has estimated the cost of this work to be 125 million euros. Newsroom in cooperation with 4hoteliers.com
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