The real estate investment group spent close to 400 million euros to take over these properties from the British Leopard Group and the Israeli chain Fattal Hotels. Most of the hotels in question operate under the brand Leonardo Hotels - the European division of the Israeli group.
The properties will continue to be operated under the brand Leonardo through leaseback contracts with the Fattal group, which had bought these hotels for around 300 million euros in 2013. The Israeli group's portfolio currently comprises 95 addresses, for a total of 17,500 rooms. In all, the properties owned by Pandox represent 22,000 rooms in more than a hundred properties, in particular in Northern Europe. With this agreement, its portfolio is now worth 3.4 billion euros.
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