Pandox has completed the acquisition of Radisson Blu Hotel Tromsø in Norway from DNB Eiendom for kr750 million, around £52.9 million.
Located at Sjøgata 7, the 4-star hotel comprises 269 rooms, a restaurant, bar and thirteen meeting rooms. Following completion of the purchase, Pandox and Radisson will now commence a renovation of the rooms, public areas and technical installations.
After completed investments, the hotel is expected to generate a stabilised yield of approximately 8 percent.
Pandox financed the acquisition using available cash and a new bank loan.
What they said
Liia Nõu, CEO of Pandox said: “We are very happy to acquire Radisson Blu Hotel Tromsø. Northern Norway is an exciting region and Tromsø is one of the strongest hotel markets in the Nordics with a high attractiveness among international visitors. We see large potential, through targeted investments, to create one of northern Scandinavia’s leading full-service hotels for leisure, business and group travellers.”