PANDOX TO ACQUIRE SEVEN HOTELS ACROSS EUROPE FROM INVESCO
Pandox has signed an agreement to purchase a portfolio of seven hotels across Europe (totalling 1,744 rooms) from Invesco Real Estate for €415 million (approximately €238,000 per room). Four of the hotels are in Germany (the 158-room NH Frankfurt Airport, the 129-room NH Collection Hamburg City, the 393-room Radisson Blu Cologne and the 236-room NH Munich Airport, which marks the group's entry into the Munich market). The remaining properties see Pandox expand into new countries with two hotels in Austria (the 499-room NH Vienna Airport and the 140-room NH Salzburg City) and one in the Netherlands (the 189-room Park Hotel Amsterdam). The transaction is expected to close before the end of the year.