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2016-11-25

Pandox: Pandox AB (publ) signs lease agreement for Urban House Copenhagen

Pandox has signed a 20 year revenue-based lease agreement with a
minimum guaranteed rent for Urban House Copenhagen. The tenant is
MEININGER Hotel Group of Germany. The lease agreement will come into
force 1 January 2017, and the hotel property will then be
reclassified from Operator Activities to Property Management.

"We are pleased about this cooperation with MEININGER. The lease
agreement is competitive and shows that Pandox's active ownership
throughout the hotel value chain creates value, as well as reduces
the risk for both the company and its shareholders. The agreement is
in line with Pandox's strategy of taking over underperforming hotel
properties, reposition them and enter into new lease agreements with
strong hotel operators at favourable terms", says Anders Nissen, CEO
of Pandox.

The hotel property was acquired during the autumn of 2010 as a low
standard business hotel. Pandox took over operations of the hotel in
2014 and created a new hotel/hostel hybrid under the name of Urban
House Copenhagen with more than 1,000 beds. Since being repositioned,
Urban House Copenhagen has had a strong development and it is a good
example of Pandox's ability to create value by being active
throughout the hotel value chain.

MEININGER will change the brand of the hotel throughout the first 12
months of operation, for which the company also carries all costs.
Pandox retains the rights to the brand Urban House. Pandox's
responsibility for future investments under the lease agreement is
limited to major technical installations and building structure.

FOR MORE INFORMATION, PLEASE CONTACT:
Anders Nissen, CEO, +46 (0) 708 46 02 02
Helge Krogsbøl, Vice President Pandox Operations Scandinavia, +47 (0)
484 04 476

Anders Berg, Head of Communications and IR, +46 (0) 760 95 19 40
About Pandox
Pandox is a leading owner of hotel properties in Northern Europe with
a focus on sizeable hotels in key leisure and corporate destinations.
Pandox's hotel property portfolio currently comprises 113 hotels with
more than 24,000 hotel rooms in eight countries. Pandox's business is
organised into Property Management, which comprises hotel properties
leased on a long-term basis to market leading regional hotel
operators and leading international hotel operators, and Operator
Activities, which comprises hotel operations executed by Pandox in
its owner-occupied hotel properties. Pandox was founded in 1995 and
the company's B shares are, as of 18 June 2015, listed on Nasdaq
Stockholm. www.pandox.se

About MEININGER Hotels
MEININGER currently operates 16 low budget hotels in Europe, with a
total of 7,025 beds in 10 European cities. MEININGER is a unique
hotel product that combines the service and comfort of an
international budget hotel with extra facilities, such as a guest
kitchen and a games zone. The central location, high quality
furnishings and fair prices appeal to people of all ages and
backgrounds. With the right dose of MEININGER humour and an
enthusiastic team, MEININGER hotels with their guests from all over
the world become a real home away from home.

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http://news.cision.com/pandox/r/pandox-ab--publ--signs-lease-agreement-f...
http://mb.cision.com/Main/3642/2131184/595477.pdf

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