Pandox AB (publ) has acquired and gained access to a hotel property (Hilton Belfast) including hotel operations in central Belfast, Great Britain. The hotel has 202 rooms and will be operated under a management agreement with Axiom Hospitality, subject to a franchise under the Hilton brand. The total acquisition price, including certain targeted value increasing investments, amounts to approximately MGBP 40 and will initially be financed by cash and existing credit facilities.

The seller is a controlled affiliate of Starwood Capital Group. Pandox expects the hotel to generate a stabilised yield of approximately 10 percent. The hotel product was upgraded through renovation of all rooms and public areas during the pandemic years and has a strong competitive position.

The hotel will be reported under the business segment Operator Activities. Pandox already owns Leonardo Belfast with 270 rooms in Property Management. Hilton Belfast is situated in central Belfast just 200 meters from the central station.