The hotel, called NH Brussels Louise, has 246 rooms and was previously owned by NH Hotel Group, which is Spain's largest hotel chain.

The deal is being financed with own funds and loans and is expected to be completed in the fourth quarter of this year.

”"Pandox is currently evaluating the best commercial option for the hotel and it will initially be reported under the Operator Business segment," the press release states.

Liia Nõu, CEO of Pandox, comments that she is convinced that the investment will yield good returns:

”"The hotel has a strong location in central Brussels with good development potential. We own eight hotel properties in Brussels, six of which are in Operator business and two in Property Management with NH Hotel Group as a tenant, making us a significant hotel property owner and hotel operator in the city," she says.

The hotel property's stabilized return is expected to be well in line with the average of Pandox's hotel portfolio.

Source: DI.SE