Swedish group Pandox has entered into an agreement to sell the shares in the entity that owns the Scandic Antwerp in Belgium to Netherlands-based chain Van Der Valk. Pandox will receive net proceeds of €13.6 million (€66,700 per room) after deduction for deferred tax, based on an underlying property value of €16 million which is in line with the company's most recent valuation. "When our partner Scandic decided not to extend the lease agreement for the hotel property, it was a natural step for Pandox to explore various options, including a divestment," commented Anders Nissen, chief executive officer at Pandox. The 204-room hotel is situated in a secondary location two and a half kilometres from Antwerp city centre.
HVS EMEA HOSPITALITY NEWSLETTER.