Pandox Explained

Pandox AB
Type:Publicly traded
Industry:Hotel property management
Founders:Securum and Skanska
Location:Stockholm, Sweden
Area Served:Europe
Key People:Liia Nõu, CEO
Revenue: SEK 6.849 billion
Operating Income: SEK 3,870 billion
Net Income: SEK -0.580 billion
Assets: SEK 73.208 billion
Equity: SEK 29.725 billion
Num Employees:1,442 (full-time equivalent)
Footnotes: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] Pandox owns 159 hotel properties, with a total of approximately 35,900 hotel rooms. The hotel properties are located in 12 countries.[1] [3] [4]

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] [5]

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] [6] [7] [8]

History 

1990s

In 1995, Pandox was formed by Securum and Skanska to restructure 18 properties and three smaller hotel operations during the financial and property crisis.[9] [10] [11] [12] 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.[13] [14] [9] [12]

2000s

In 2000, Pandox acquired Scandic's property-owning company and the company Hotellus.[15] [16] 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.[17] [18] After the acquisition of Hotellus, Pandox owned a total of 47 hotel properties and 8,500 hotel rooms.

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.[19] [20] [21]

In 2004, Pandox was bought out of Nasdaq Stockholm by Eidenomsspar AS and Sundt AS.[22] [23] [24]

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]

2010s

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.[26] [27] [28] [29] [25] [30]

On 18 June 2015, Pandox was relisted on Nasdaq Stockholm[7] [31] 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.[32] [33] [34]

In 2015, Pandox acquired a portfolio of 18 hotel properties with 3,415 rooms in Germany.[35] [36] [37] [38]

In 2017, Lone Star Funds sold 37 hotel properties with 4,694 rooms in UK and Ireland to Pandox for 800 million pounds.[39] [40] [41] [42] [43]

From 2015 to 2019, the company has invested around SEK 24 billion in acquisitions and investments in hotel properties mainly outside the Nordic region.[44]

2020s

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.[45] [46]

In May 2021, the former CEO and founder Anders Nissen died.[47]

Business segments

Leases

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] [48] [49]

Own operations

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]

Markets

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

Notes and References

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

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