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Pandox

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Pandox AB
Company typePublicly traded
Nasdaq Stockholm: PNDX B
ISINSE0007100359
IndustryHotel property management
FoundersSecurum and Skanska
HeadquartersStockholm, Sweden
Area served
Europe
Key people
Liia Nõu, CEO
Services
  • Property Management
  • Hotel Operations
RevenueIncrease SEK 6.849 billion
Increase SEK 3,870 billion
Decrease SEK -0.580 billion
Total assetsDecrease SEK 73.208 billion
Total equityDecrease SEK 29.725 billion
Number of employees
1,442 (full-time equivalent)
Websitewww.pandox.se
Footnotes / references
Statistics from the 2023 annual report.[1]

Pandox AB is a hotel property company. The company engages in ownership and management of hotel property. Pandox leases its hotel properties to hotel operators or runs hotel operations in its own hotel properties.[2][3] Pandox owns 159 hotel properties, with a total of approximately 35,900 hotel rooms. The hotel properties are located in 12 countries.[1][4][5]

The largest markets calculated in terms of property value are, in decreasing order, Germany, Sweden, United Kingdom, Belgium and Finland. At the end of 2023, the hotel properties had a total market value of approximately SEK 69 billion.[1][6]

Pandox is listed on Nasdaq Stockholm. The largest owners in terms of number of votes are the Norwegian companies Eiendomsspar AS, Helene Sundt AS and Christian Sundt AS.[1][7][8][9]

History 

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1990s

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In 1995, Pandox was formed by Securum and Skanska to restructure 18 properties and three smaller hotel operations during the financial and property crisis.[10][11][12][13][14]

In 1997, Pandox was listed on Nasdaq Stockholm. At the listing, Pandox was valued at approximately SEK 1.3 billion. Pandox's IPO led to 4,000 new shareholders.[15][16][10][14]

2000s

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In 2000, Pandox acquired Scandic's property-owning company and the company Hotellus.[17][18] With the acquisition of the company Hotellus, Pandox took over 16 hotel properties, of which eight are in Sweden, three in Germany, three in Belgium, one in Denmark and one in England.[19][20] After the acquisition of Hotellus, Pandox owned a total of 47 hotel properties and 8,500 hotel rooms.[19]

In 2003, the Norwegian investors, the property company Eiendomsspar AS and the finance company Sundt AS, made a bid for Pandox worth SEK 2.6 billion.[21][22][23]

In 2004, Pandox was bought out of Nasdaq Stockholm by Eidenomsspar AS and Sundt AS.[24][25][26]

From 2004 to 2014, under the ownership of Eiendomsspars and Sundt AS, the market value of Pandox's property portfolio developed from approximately SEK 6 billion to approximately SEK 27 billion.[25][27]

2010s

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In 2010, Pandox announced the acquisition of Norgani Hotels, with a portfolio of 73 hotel properties in Sweden, Finland, Norway and Denmark, with a transaction value of close to SEK 10 billion.[28][29][30][31][27][32]

On 18 June 2015, Pandox was relisted on Nasdaq Stockholm[8][33] The listing meant that the existing owners sold 60,000,000 B shares, corresponding to 40 percent of the company. 60 percent of the shareholding remained with the existing owners Eiendomsspar AS and Sundt AS.[34][35][36]

In 2015, Pandox acquired a portfolio of 18 hotel properties with 3,415 rooms in Germany.[37][38][39][40]

In 2017, Lone Star Funds sold 37 hotel properties with 4,694 rooms in UK and Ireland to Pandox for 800 million pounds.[41][42][43][44][45]

From 2015 to 2019, the company has invested around SEK 24 billion in acquisitions and investments in hotel properties mainly outside the Nordic region.[13]

2020s

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During 2020, Pandox was negatively affected by the coronavirus pandemic. Revenue fell by 50 percent, while net operating income decreased by approximately 45 percent, compared to 2019.[46][47]

In May 2021, the former CEO and founder Anders Nissen died.[48]

Business segments

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Leases

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Leases is Pandox's largest business segment in terms of revenue. In 2023, it accounted for a revenue of 3.690 billion SEK. The business segment consists of Pandox acquiring and managing hotel properties, then leasing them out under long-term contracts to hotel operators.[1][2][49][3]

Own operations

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In 2023, the business segment Own operations accounted for a revenue of 3.159 billion SEK. The business segment consists of Pandox both owning the hotel property and managing the operation of the hotel. Pandox can operate a hotel by using one of its own brands or by signing a franchise agreement with an external hotel operator who thereby is allowed to manage the operation of the hotel.[1][2][49][3]

Markets

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Pandox is active in 12 countries: Austria, Belgium, Canada, Denmark, Finland, Germany, Ireland, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom.[1]

References

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  1. ^ a b c d e f g "Annual Report 2023" (PDF). Pandox. 2024. Retrieved April 14, 2024.
  2. ^ a b c Rob van Ginneken (2017). "Pandox—A Hotel Owner-Operator's Smorgasbord of Options". Hospitality & Tourism Cases. 1 (Pandox AB): 53–60. doi:10.4135/9781529716214. Retrieved October 9, 2022.
  3. ^ a b c Zetterberg, Daniel (April 30, 2022). "Pandox: Rabatterad hotellfastighetsägare". Affärsvärlden (in Swedish). Retrieved September 5, 2022.
  4. ^ "List of 3 hotel investors in Scandinavia". Research Germany. October 31, 2021. Retrieved September 5, 2022.
  5. ^ Katherine Doggrell (February 13, 2020). "Anders Nissen, CEO, Pandox named recipient of IHIF Lifetime Achievement Award". Hotel Management. Retrieved September 5, 2022.
  6. ^ "Årsredovisning 2023" (PDF) (in Swedish). Pandox. Retrieved March 22, 2024.
  7. ^ "Ownership". Pandox. Retrieved August 31, 2022.
  8. ^ a b "Trading of Pandox's Shares Initiated". Nordic Property News. June 18, 2015. Retrieved September 5, 2022.
  9. ^ "PNDX B". Nasdaq. Retrieved September 5, 2022.
  10. ^ a b "Sale of Pandox completed". Skanska. June 13, 1977. Retrieved September 5, 2022.
  11. ^ "Skanska and Securum to list Pandox in the stock exchange". Skanska. March 18, 1977. Retrieved September 5, 2022.
  12. ^ "Han är börsens bäste VD". Dagens Industri (in Swedish). November 5, 2001. Retrieved October 10, 2022.
  13. ^ a b "Pandox – välfylld kassa och attraktiv värdering" (in Swedish). Carnegie.se. November 14, 2019. Retrieved September 5, 2022.
  14. ^ a b Dougherty, Carter (January 22, 2009). "Sweden's Fix for Banks: Nationalize Them". The New York Times. Retrieved October 9, 2022.
  15. ^ "Pandox Noteras på O-listan den 29 juni". Fastighetsvärlden (in Swedish). June 27, 1997. Retrieved August 31, 2022.
  16. ^ "Skanska checkar ut från Pandox". Dagens Industri (in Swedish). February 4, 2001. Retrieved October 10, 2022.
  17. ^ "Acquisitions and divestitures". Pandox. Retrieved August 31, 2022.
  18. ^ "Pandox lovar nya förvärv". Dagens Industri (in Swedish). August 28, 2000. Retrieved October 10, 2022.
  19. ^ a b "Pandox acquires Hotellus International AB". Pandox. February 7, 2000. Retrieved September 7, 2022.
  20. ^ "Pandox köper Hotellus". Fastighetsvärlden (in Swedish). February 8, 2000. Retrieved September 7, 2022.
  21. ^ Braconier, Fredrik (November 3, 2003). "Norskt bud på Pandox". Svenska Dagbladet (in Swedish). Retrieved September 7, 2022.
  22. ^ "Eiendomsspar AS and Sundt AS acquire 36% of Pandox AB". Nordic Business Report. Retrieved September 7, 2022.
  23. ^ Munkhammar, Viktor (December 18, 2003). "Höjt bud på Pandox". Dagens Industri (in Swedish). Retrieved October 10, 2022.
  24. ^ "Hotel property firm Pandox to list shares in Stockholm". Reuters. May 26, 2015. Retrieved September 5, 2022.
  25. ^ a b Nicklas Tollesson (March 12, 2015). "Pandox Explores Potential Listing". Nordic Property News. Retrieved September 5, 2022.
  26. ^ "Tvångsinlösen i Pandox". Dagens Nyheter (in Swedish). February 11, 2004. Retrieved October 10, 2022.
  27. ^ a b Strandberg, Love (May 25, 2015). "Pandox återvänder till börsen". Dagens Industri (in Swedish). Retrieved October 10, 2022.
  28. ^ "Pandox förvärvar hotell från Norgani för 10 mdr". Fastighetsnytt (in Swedish). 27 October 2010. Retrieved September 5, 2022.
  29. ^ "Norwegian Property to sell Norgani Hotels for $1.33 billion". Reuters. May 8, 2010. Retrieved September 5, 2022.
  30. ^ "Pandox acquires Norgani Hotels AS". Europe Real Estate. August 25, 2010. Retrieved September 5, 2022.
  31. ^ Malmström, Mark (December 22, 2010). "Glödhet fastighetsmarknad". Dagens Industri (in Swedish). Retrieved October 10, 2022.
  32. ^ "Norwegian Property Sells Hotels for $1.33 Billion". The New York Times. August 24, 2010. Retrieved October 10, 2022.
  33. ^ Wrede, Gunnar (December 20, 2015). "Rekordår för börsnoteringar". Dagens Industri (in Swedish). Retrieved October 10, 2022.
  34. ^ "Invitation to acquire B shares in Pandox Aktiebolag" (PDF). Pandox. Retrieved November 26, 2021.
  35. ^ Tollesson, Nicklas (May 26, 2015). "Pandox tar nästa steg mot börsen". Fastighetssverige (in Swedish). Retrieved September 5, 2022.
  36. ^ "Stornotering på gång till Stockholmsbörsen". SvD Näringsliv (in Swedish). June 8, 2015. Retrieved September 5, 2022.
  37. ^ "Pandox acquires 18 hotels in Germany for approx. MSEK 3,700". Pandox. December 5, 2015. Retrieved September 5, 2022.
  38. ^ "BRIEF-Pandox acquires 18 hotels in Germany for about SEK 3.70 billion". Reuters. December 7, 2015. Retrieved September 5, 2022.
  39. ^ "Pandox Completes €400 Million Acquisition of 18 Hotels in Germany". Hotel Online. January 4, 2016. Retrieved September 5, 2022.
  40. ^ "Pandox vd: Vi tittar ständigt på möjliga förvärv". Dagens Industri. June 3, 2015. Retrieved October 10, 2022.
  41. ^ "Pandox to buy hotel portfolio in UK and Ireland for $1 billion". Reuters. December 13, 2017. Retrieved September 5, 2022.
  42. ^ Abdul Rehman Maqbool (December 13, 2017). "Pandox to acquire UK, Ireland hotel portfolio for £800M". S&P Global Market Intelligence. Retrieved September 5, 2022.
  43. ^ Javier Espinoza, Aime Wiliams (November 21, 2017). "Swedish hotel investor Pandox emerges as frontrunner for Jury's Inn acquisition". Financial Times. Retrieved October 9, 2022.
  44. ^ Hamilton, Peter (December 13, 2017). "Jurys Inn chain acquired by Swedish and Israeli groups for £800m". The Irish Times. Retrieved October 9, 2022.
  45. ^ "Swedish company buys Jurys Inn chain for £800m". Belfast Telegraph. December 14, 2017. Retrieved October 9, 2022.
  46. ^ "Annual Report 2020" (PDF). Pandox. Retrieved September 5, 2022.
  47. ^ Cole, Robert (February 11, 2021). "Pandox paradox: optimism among uncertainty". Hospitality Insights. Retrieved October 9, 2022.
  48. ^ "Pandox's CEO Anders Nissen Has Passed Away". Nordic Property News. May 31, 2021. Retrieved September 5, 2022.
  49. ^ a b "Equities". Financial Times. Retrieved September 5, 2022.
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