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Pandox

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Pandox AB
Company typePublicly traded
Nasdaq Stockholm: PNDX B
ISINSE0007100359
IndustryHotel property management
FoundersSecurum and Skanska
HeadquartersStockholm, Sweden
Area served
Europe
Key people
Liia Nõu, CEO
Services
  • Property Management
  • Hotel Operations
RevenueIncrease SEK 3,273 billion
Increase SEK 2,005 billion
Increase SEK 609 million
Total assetsIncrease SEK 66,801 billion
Total equityIncrease SEK 25,422 billion
Number of employees
~ 554
Websitewww.pandox.se
Footnotes / references
Statistics from the 2021 annual report.[1]

Pandox AB is a hotel property company. The company engages in ownership and management of hotel property. Pandox leases its hotel properties to hotel operators or runs hotel operations in its own hotel properties.[2] Pandox owns approximately 150 hotel properties with a total of 35,000 hotel rooms. The hotel properties are located in 15 European countries.[3][4][5]

The largest markets calculated in terms of property value are Germany, Sweden, Great Britain, Belgium and Finland. The hotel properties had a market value of approximately SEK 60 billion as of March 31, 2022.[6]

Pandox is listed on Nasdaq Stockholm. The largest owners in terms of number of votes are the Norwegian companies Eiendomsspar AS, Helene Sundt AS and Christian Sundt AS.[7][1][8][9]

History 

1990s

In 1995, Pandox was formed by Securum and Skanska to restructure 18 properties and three smaller hotel operations during the financial and property crisis.[10][11][12]

In 1997, Pandox was listed on Nasdaq Stockholm. At the listing, Pandox was valued at approximately SEK 1.3 billion. Pandox's IPO led to 4,000 new shareholders.[10][13][14]

2000s

In 2000,' Pandox acquired Scandic's property-owning company and the company Hotellus.[11][13] With the acquisition of the company Hotellus, Pandox took over 16 hotel properties, of which eight are in Sweden, three in Germany, three in Belgium, one in Denmark and one in England.[15][16] After the acquisition of Hotellus, Pandox owned a total of 47 hotel properties and 8,500 hotel rooms.[15]

In 2003, the Norwegian investors, the property company Eiendomsspar AS and the finance company Sundt AS, made a bid for Pandox worth SEK 2.6 billion.[17][18]

In 2004, Pandox was bought out of Nasdaq Stockholm by Eidenomsspar AS and Sundt AS.[19][13][20]

From 2004 to 2014, under the ownership of Eiendomsspars and Sundt AS, the market value of Pandox's property portfolio developed from approximately SEK 6 billion to approximately SEK 27 billion.[20]

2010s

In 2010, Pandox announced the acquisition of Norgani Hotels, with a portfolio of 73 hotel properties in Sweden, Finland, Norway and Denmark, with a transaction value of close to SEK 10 billion.[21][22][23][13]

On 18 June 2015, Pandox was relisted on Nasdaq Stockholm[8] The listing meant that the existing owners sold 60,000,000 B shares, corresponding to 40 percent of the company. 60 percent of the shareholding remained with the existing owners Eiendomsspar AS and Sundt AS.[24][25][26]

In 2015, Pandox acquired a portfolio of 18 hotel properties with 3,415 rooms in Germany.[27][28][29]

In 2017, Pandox acquired 37 hotel properties with 4,694 rooms in UK and Ireland for 800 million pounds.[30][31]

From 2015 to 2019, the company has invested around SEK 24 billion in acquisitions and investments in hotel properties mainly outside the Nordic region.[32]

2020s

During 2020, Pandox was negatively affected by the coronavirus pandemic. Revenue fell by 50 percent, while net operating income decreased by approximately 45 percent, compared to 2019.[33]

In May 2021, the former CEO and founder Anders Nissen died.[34]

Business segments

Property management

Property management is Pandox's largest business segment in terms of revenue, and in 2021 the business segment accounted for approximately 74 percent of the company's revenue.[1] The business segment consists of Pandox acquiring and managing hotel properties, then leasing them out under long-term contracts to hotel operators.[2][35][36][37]

Operator activities

In 2021, Pandox's operator activities accounted for approximately 26 percent of the company's revenue.[1] The business segment consists of Pandox both owning the hotel property and managing the operation of the hotel. Pandox can operate a hotel by using one of its own brands or by signing a franchise agreement with an external hotel operator who thereby is allowed to manage the operation of the hotel.[36][35][2][37]

Markets

Pandox is active in 15 countries: Sweden, Norway, Finland, Denmark, Germany, the Netherlands, Austria, Switzerland, Belgium, Canada, Ireland and Great Britain (including the sub-markets England, Scotland, Northern Ireland, Wales). As of 31 December 2021, the distribution between Pandox's property management and operator activities was according to the tables below.[1]

Property management

Country Number of hotels Number of hotel rooms
Sweden 42 8,953
Germany 32 6,560
UK 20 4,821
Finland 13 2,922
Norway 14 2,573
Denmark 7 1,642
Austria 2 639
Belgium 2 519
Ireland 3 445
Switzerland 1 206
Netherlands 1 189
Total Property Management 137 29,469

Operator Activities

Country Number of hotels Number of hotel rooms
Belgium 7 1,955
Germany 6 1,806
Canada 2 952
UK 2 611
Netherlands 1 216
Denmark 1 203
Finland 1 160
Total Operator Activities 20 5,903

Collaborations with hotel operators

Pandox cooperates with approximately 30 hotel operators, as of 31 December 2021.[1]

Hotel operator Numbers of hotels Numbers of rooms In % of total
Scandic 50 11,024 31
Jurys Inn 20 4,410 12
Leonardo 18 3,547 10
Hilton 8 2,652 7
Radisson Blu 8 2,033 6
Nordic Choice Hotels 11 1,887 5
NH 7 1,681 5
Dorint 5 1,085 3
Mercure 4 760 2
Elite Hotels 2 492 1
Holiday Inn 2 469 1
Novotel 2 421 1
InterContinental 1 357 1
Indigo 1 284 1
Crowne Plaza 1 262 1
Pullman 1 252 1
Meininger 1 228 1
Motel One 1 200 1
Adagio 1 146 0
Best Western 1 103 0
Independent brands 12 3,079 9
Total 157 33,372 100

Ownership structure

On 31 December 2021, according to Euroclear Sweden, the fifteen largest shareholders in Pandox were as follows:[1]

Shareholder Number of class A shares Number of class B shares % of share capital % of votes
Eiendomsspar AS 37,314,375 10,144,375 25.8 36.6
Helene Sundt AB 18,657,188 4,912,187 12.8 18.2
Christian Sundt AB 18,657,187 4,312,188 12.5 18.1
AMF Pension & Funds - 26,220,212 14.3 7.9
Alecta Pension Insurance - 6,287,577 3.4 1.9
Swedbank Robur Funds - 4,328,697 2.3 1.3
Fourth Swedish National Pension Fund - 3,575,291 1.9 1.1
Vanguard - 3,330,903 1.8 1.0
BlackRock - 2,194,057 1.2 0.7
Handelsbanken Funds - 1,994,800 1.1 0.6
Länsförsäkringar Funds - 1,970,851 1.1 0.6
APG Asset Management - 1,450,645 1.0 0.5
Dimensional Fund Advisors - 1,279,301 0.7 0.4
PGIM Investments - 1,235,278 0.7 0.4
PriorNilsson Fonder - 1,207,446 0.7 0.4
Other shareholders 371,250 33,725,404 18.9 10.6
Total 75,000,000 108,849,999 100 100

The share of foreign ownership as a percentage of the capital was 69 percent as of December 31, 2021.[1]

References

  1. ^ a b c d e f g h "Annual Report 2021" (PDF). Pandox. Retrieved September 5, 2022.
  2. ^ a b c "Pandox AB". DI. Retrieved September 5, 2022.
  3. ^ "About The Company". Riktskurs.nu. Retrieved September 5, 2022.
  4. ^ "List of 3 hotel investors in Scandinavia". Research Germany. October 31, 2021. Retrieved September 5, 2022.
  5. ^ Katherine Doggrell (February 13, 2020). "Anders Nissen, CEO, Pandox named recipient of IHIF Lifetime Achievement Award". Hotel Management. Retrieved September 5, 2022.
  6. ^ "Interim report January–March 2022" (PDF). Pandox. Retrieved September 5, 2022.
  7. ^ "Ownership". Pandox. Retrieved August 31, 2022.
  8. ^ a b "Trading of Pandox's Shares Initiated". Nordic Property News. June 18, 2015. Retrieved September 5, 2022.
  9. ^ "PNDX B". Nasdaq. Retrieved September 5, 2022.
  10. ^ a b "Sale of Pandox completed". Skanska. June 13, 1977. Retrieved September 5, 2022.
  11. ^ a b "Acquisitions and divestitures". Pandox. Retrieved August 31, 2022.
  12. ^ "Skanska and Securum to list Pandox in the stock exchange". Skanska. March 18, 1977. Retrieved September 5, 2022.
  13. ^ a b c d "History". Pandox. Retrieved August 31, 2022.
  14. ^ "Pandox Noteras på O-listan den 29 juni". Fastighetsvärlden (in Swedish). June 27, 1997. Retrieved August 31, 2022.
  15. ^ a b "Pandox acquires Hotellus International AB". Pandox. February 7, 2000. Retrieved September 7, 2022.
  16. ^ "Pandox köper Hotellus". Fastighetsvärlden (in Swedish). February 8, 2000. Retrieved September 7, 2022.
  17. ^ Braconier, Fredrik (November 3, 2003). "Norskt bud på Pandox". Svenska Dagbladet (in Swedish). Retrieved September 7, 2022.
  18. ^ "Eiendomsspar AS and Sundt AS acquire 36% of Pandox AB". Nordic Business Report. Retrieved September 7, 2022.
  19. ^ "Hotel property firm Pandox to list shares in Stockholm". Reuters. May 26, 2015. Retrieved September 5, 2022.
  20. ^ a b Nicklas Tollesson (March 12, 2015). "Pandox Explores Potential Listing". Nordic Property News. Retrieved September 5, 2022.
  21. ^ "Pandox förvärvar hotell från Norgani för 10 mdr". Fastighetsnytt (in Swedish). 27 October 2010. Retrieved September 5, 2022.
  22. ^ "Norwegian Property to sell Norgani Hotels for $1.33 billion". Reuters. May 8, 2010. Retrieved September 5, 2022.
  23. ^ "Pandox acquires Norgani Hotels AS". Europe Real Estate. August 25, 2010. Retrieved September 5, 2022.
  24. ^ "Invitation to aquir B shares in Pandox Aktiebolag" (PDF). Pandox. Retrieved November 26, 2021.
  25. ^ Tollesson, Nicklas (May 26, 2015). "Pandox tar nästa steg mot börsen". Fastighetssverige (in Swedish). Retrieved September 5, 2022.
  26. ^ "Stornotering på gång till Stockholmsbörsen". SvD Näringsliv (in Swedish). June 8, 2015. Retrieved September 5, 2022.
  27. ^ "Pandox acquires 18 hotels in Germany for approx. MSEK 3,700". Pandox. December 5, 2015. Retrieved September 5, 2022.
  28. ^ "BRIEF-Pandox acquires 18 hotels in Germany for about SEK 3.70 billion". Reuters. December 7, 2015. Retrieved September 5, 2022.
  29. ^ "Pandox Completes €400 Million Acquisition of 18 Hotels in Germany". Hotel Online. January 4, 2016. Retrieved September 5, 2022.
  30. ^ "Pandox to buy hotel portfolio in UK and Ireland for $1 billion". Reuters. December 13, 2017. Retrieved September 5, 2022.
  31. ^ Abdul Rehman Maqbool (December 13, 2017). "Pandox to acquire UK, Ireland hotel portfolio for £800M". S&P Global Market Intelligence. Retrieved September 5, 2022.
  32. ^ "Pandox – välfylld kassa och attraktiv värdering" (in Swedish). Carnegie.se. November 14, 2019. Retrieved September 5, 2022.
  33. ^ "Annual Report 2020" (PDF). Pandox. Retrieved September 5, 2022.
  34. ^ "Pandox's CEO Anders Nissen Has Passed Away". Nordic Property News. May 31, 2021. Retrieved September 5, 2022.
  35. ^ a b "Equities". Financial Times. Retrieved September 5, 2022.
  36. ^ a b "Company ESG Risk Ratings". Sustainalytics. March 16, 2022. Retrieved September 5, 2022.
  37. ^ a b Zetterberg, Daniel (April 30, 2022). "Pandox: Rabatterad hotellfastighetsägare". Affärsvärlden (in Swedish). Retrieved September 5, 2022.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Pandox&oldid=1113368175"