An unknown buyer has entered into an agreement to acquire DoubleTree by Hilton Montreal from Pandox AB (publ) (OM:PNDX B) for CAD80 million on February 26, 2024.The total gross transaction value amounts to CAD95 million. After deduction for structural investment needs (of approximately CAD15 million, the transaction price amounts to CAD80 million, which also corresponds to the property?s book value per 31 December 2023. the hotel?s revenue amounted to approximately CAD50 million.

The transaction is made in form of divestment of assets and liabilities and is expected to be finalized in the second quarter of 2024, following a customary due diligence process, according to Canadian practice, where the buyer pays a deposit that is forfeited if the transaction is not completed. The buyer is a well-established hotel property owner and developer with headquarters in Montreal. The hotel has 595 rooms and is reported in the business segment Own Operations.

The closing is planned to take place in the second quarter of 2024.