Pandox in talks over London hotel portfolio

Swedish hotel operator Pandox is understood to be in talks with Starwood to buy a portfolio of London aparthotels. Pandox said the portfolio had a value of around £225m but emphasised that “current negotiations may not necessarily lead to an agreement” and that it was not certain that the transaction would be concluded successfully. The group already owns 25 hotels in the UK under brands including Leonardo, Hilton and DoubleTree. The group said: “Our business model is integrated and sustainable and is based on property management, property development and continuous optimisation of the portfolio, which together contribute to increased cash flows, higher property values and a good return on invested capital. “Through acquisitions, we can grow earnings short term and add new developable hotel properties for increased value creation long term.”