UK: MAS PLC has sold the 146 room Adagio Aparthotel Edinburgh to Pandox for approximately £40.5 million.
Adagio Aparthotel Edinburgh is located in the city centre on the Royal Mile and was first built in 2016.
The transaction total includes transfer tax and will be financed by cash and existing credit facilities. Pandox expects the hotel to contribute to around £2.2 million in annual net operating income in a normal market.
Liia Nõu, CEO of Pandox, said: “We are very pleased to acquire Adagio Aparthotel Edinburgh. It is an attractive hotel property in an exciting segment in a dynamic and expanding city. The hotel is strategically and centrally located in one of the most attractive hotel markets in the UK with well-diversified demand and very good RevPAR levels. The acquisition provides exposure towards the extended stay segment, which we hope will grow over time as part of our portfolio.”
Pandox owns a number of hotels in Northern Europe. The portfolio comprises 157 hotels with approximately 35,500 hotel rooms in 15 countries.
The business is organised into property management (hotels leased on a long-term basis to operators) and operator activities (operations executed by Pandox in the group’s owner-occupied hotels).
