Pandox picks up Dutch and German hotels for €83m

Swedish hotel investor Pandox has acquired hotels in the Netherlands and Germany for €83 mln in a double deal with French investment platform Grape Hospitality.

The properties comprise the Novotel Den Haag World Forum, which has 216 rooms, and the 205-room Novotel Hannover, Germany. Pandox said that the combined purchase price represented a yield of around 6.5%, before costs.

'This acquisition will enrich and diversify the Pandox portfolio,' said Anders Nissen, CEO of Pandox. 'These two strong destinations are real hubs for congresses and events. Both hotels offer real growth potential.'

Grape Hospitality, co-owned by French hotels group Accor and private equity player Eurazeo, is divesting the assets from the €504 mln portfolio it acquired from Accor in 2016. The deals mark the platform's first sales.

'We are pleased to have had these two hotels perform over the last three years and are proud to sell them today to Pandox, one of the leading hotel investors in Europe,' said Frédéric Josenhans, president of Grape Hospitality. 'Grape Hospitality will continue to support both hotels as part of a management contract.'

Under the sales agreement with Pandox, Grape will continue to manage both of the hotels under their existing brands.

The transaction was executed via a share deal, and is expected to close in the fourth quarter of 2019.

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