Pandox has entered into an agreement to acquire the Radisson Blu Hotel Tromsø in Norway for 750 million Norwegian kroner.

This is stated in a press release. 

The hotel is leased to Radisson Blu under a turnover-based lease agreement with a guaranteed minimum level and Pandox writes that it performs well.

The acquisition is financed by cash and a new bank loan, and completion is planned for the first quarter of 2025.

Pandox and Radisson Hotel Group are planning to jointly renovate rooms, bathrooms, public areas, and technical installations in the medium term. Following the completed investments, the hotel is expected to generate a stabilised direct return of approximately 8 percent.

Source: Dagens Industri