PANDOX PURCHASES 18 FATTAL HOTELS IN GERMANY

Pandox AB, along with its minority shareholder Eiendomsspar AS (with a stake of 5.1%), is to acquire a portfolio of 18 hotels (3,415 rooms) spread across 12 German cities from holding company Leopard Group and Israel-based Fattal Hotels for €400 million (€117,000 per room). The portfolio comprises 16 Leonardo-branded hotels and two Holiday Inn properties and has an initial yield of approximately 6.3%. Fattal will remain as the long-term lessee of the portfolio and all of the hotels will be managed under the Leonardo brand; thus, when the agreements run out for the Holiday Inn hotels they will be converted to Leonardo properties.

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