Pandox to acquire seven hotel properties in Germany from HR Group for €290 million (US$321.1 million)
Clients Pandox AB
Jones Day is advising Pandox AB, a leading hotel investor in Northern Europe, on the acquisition of seven German hotel properties with a total of 1,532 rooms from HR Group for €290 million (US$321.1 million). The hotels will continue to be managed by the HR Group within the framework of fixed rents and will be converted into turnover-based rental agreements by 2024 at the latest. The acquisition will be financed by cash and new bank loans.