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The Swedish group Pandox AB buys 18 hotels in Germany

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 acquisition represents a total of 3,415 rooms in sixteen major German cities and positioned on the midscale segment. The agreement includes the takeover of the Royal Leonardo Frankfurt hotel with its 449 rooms as well as the Holiday Inn Frankfurt Airport North address. In Düsseldorf, close to three addresses join the Swedish portfolio, two under the Leonardo brand and also a Holiday Inn near the city's international airport. With the takeover of two Leonardo properties in each, Hanover and Heidelberg are also particularly concerned by the Pandox operation.

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.

Also read:

  • Germany: tourism keeps reaching new heights
  • Louvre Hotels Group doubles its presence in Germany
  • Leonardo Hotel develops in Munich
  • The Swedish group Pandox sells a 14-hotel portfolio

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