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Pandox Establishes In North America - Acquires InterContinental Hotel in Central Montreal

Stockholm, Sweden, July 11, 2007 - (Hugin) - PRESS RELEASE Stockholm, 11 July 2007

 

Pandox establishes in North America - acquires InterContinental Hotel in central Montreal

 

Pandox acquires well-known InterContinental Hotel in Montreal for CAN$ 49 million, approximately EUR 35 million. It is the company's first acquisition in North America. The hotel consists of 26-stories and is an integral part of World Trade Centre with direct access to the Montreal Convention Centre (Palais des Congrès).

 

The hotel consists of 357 rooms of international size, and offers the customers a full- service product with restaurants, bar, fitness and large conference and meeting facilities. The hotel is located in Old Montreal, close to the financial district.

 

"It is with both respect and curiosity that we broaden our geographical market. The acquisition creates a good base for our establishment in Canada and North America. We hope this will be the beginning of a selective expansion in North America", says Anders Nissen, CEO Pandox AB. "North America is a natural development of Pandox' internationalisation, which creates good conditions for the competence and knowledge the company possesses to develop hotel businesses in a broad geographical market."

 

Pandox and IHG (InterContinental Hotels Group) have signed a management agreement and will in close cooperation develop, modernise and run the hotel. The hotel is in need for upgrading and through an investment program of approximately CAN$ 11 million, approximately EUR 8 million, all hotel rooms will be refurbished, new F&B products developed as well as upgrading of the meeting and lobby areas.

 

Montreal is Canada's second largest city with a population of 3.6 million people and ranks first in the country in the number of international organisation headquarters. There is a strong demand for hotel rooms in the city. A demand that is expected to increase as Montreal becomes a more and more important city for congresses and meetings.

 

"We are looking forward to strengthen the collaboration with IHG with whom we have good experiences of", says Anders Nissen.

 

Seller of the hotel is InterContinental Hotels Group and Cadim, a division of the Caisse de dépôt et placement du Québec. __________

 

For further information:

 

Anders Nissen, CEO Pandox AB, +46 (0)8 506 205 50, +46 (0)708 46 02 02, [email protected]

 

Pandox is one of the leading players in the hotel property market in Europe. The portfolio consists of 44 hotels of which eleven operations, and with a total of around 10,000 rooms located in Sweden, Denmark, Germany, Belgium, Switzerland, the UK, the Bahamas and Canada. Pandox hotels operate under well-known brands such as Hilton, InterContinental, Crowne Plaza, Radisson SAS, Holiday Inn, Scandic, Elite, Clarion, Quality, First or through independent distribution channels.

 

Copyright © Hugin ASA 2007. All rights reserved.

 

Pandox

 

http://www.pandox.se/

 

ISIN: SE0000394181

 

Stock Identifier: SSE.PAND

July 11, 2007

From the Asia Corporate News Network

http://www.acnnewswire.net

Topic: General Announcement

Sectors: Financial General

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InterContinental Hotels sells Montreal hotel to Sweden's Pandox for 49 mln cad

07.12.07, 5:54 AM ET

 

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LONDON (Thomson Financial) - InterContinental Hotels Group PLC (IHG) said it has sold the InterContinental Montreal hotel in Canada to Sweden-based Pandox AB for 49 mln cad in cash.

 

IHG, which owns 74.11 pct in the hotel, said it will continue to manage the hotel under a 30 year contract, adding that Pandox will invest a further 11 mln cad to renovate the hotel.

 

Cadim, a division of the Caisse de depot et placement du Quebec, owns the remaining 25.89 pct in the hotel.

 

 

[email protected]

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16 juillet 2007 La société suédoise Pandox a acheté, lundi, l'hôtel InterContinental du Vieux-Montréal pour la somme de 49 millions de dollars.

 

L'hôtel montréalais, qui compte 26 étages et 357 chambres, était la propriété du groupe InterContinental Hotels et Cadim, une filiale de la Caisse de dépôt et placement du Québec.

 

Spécialisée dans le milieu hôtelier, la firme Pandox possède 44 hôtels essentiellement situés en Europe (Suède, Danemark, Allemagne, Belgique, Suisse, Royaume-Uni, Bahamas et Canada).

 

Le nouveau propriétaire va investir 11 millions de dollars pour remettre les chambres à neuf et rénover les aires de réunion et d'accueil.

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