Pandox buys three Dorint Hotels for €100mn
Pandox is the new owner of the Dorint Hotels near the Westfalenhallen in Dortmund, near Augsburg’s convention center and near Erfurt Cathedral. The full service establishments have a total of 565 rooms and are categorized in the upper middle price range. The Swedish real estate group took them over from HR Group, who will continue to operate them over the next 20 years and retains a small majority share of 5.1 % of the property companies. Pandox is using existing loans to pay the purchase price of €103mn. Minus costs, the yield is 5.7 %. In 2019, the hotels brought in about €5.5mn in annual rental income. The closing is expected during Q3. These are the first hotels of the Dorint brand in the Swedish firm’s portfolio.
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