Pandox acquires 18 hotels in Germany for €400 million (US$437 million)
Clients Pandox AB
Jones Day advised Pandox AB in its €400 million (US$437 million) acquisition of 18 hotels in Germany with a total of 3,414 rooms. The hotels are positioned in the upper mid-market segment under the brand name Leonardo Hotels. At the same time, Pandox has signed new 25-year revenue based lease agreements with Fattal Hotels for all of the hotels with rental guarantee levels. The sellers are the Leopard Group and Fattal Hotels. The acquisition is made together with Eiendomsspar AS as a minority shareholder with 5.1 percent.