Pandox establishes in North America - acquires InterContinental Hotel in central Montreal
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Pandox establishes in North America - acquires InterContinental Hotel in central Montreal
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-07-17
Pandox establishes in North America
- acquires InterContinental Hotel in central Montreal
Pandox acquires well-known InterContinental Hotel in Montreal for
CAN$ 49 million, approximately EUR 35 million. It is the company's
first acquisition in North America. The hotel consists of 26-stories
and is an integral part of World Trade Centre with direct access to
the Montreal Convention Centre (Palais des Congrès).
The hotel consists of 357 rooms of international size, and offers the
customers a full- service product with restaurants, bar, fitness and
large conference and meeting facilities. The hotel is located in Old
Montreal, close to the financial district.
"It is with both respect and curiosity that we broaden our
geographical market. The acquisition creates a good base for our
establishment in Canada and North America. We hope this will be the
beginning of a selective expansion in North America", says Anders
Nissen, CEO Pandox AB. "North America is a natural development of
Pandox' internationalisation, which creates good conditions for the
competence and knowledge the company possesses to develop hotel
businesses in a broad geographical market."
Pandox and IHG (InterContinental Hotels Group) have signed a
management agreement and will in close cooperation develop, modernise
and run the hotel. The hotel is in need for upgrading and through an
investment program of approximately CAN$ 11 million, approximately
EUR 8 million, all hotel rooms will be refurbished, new F&B products
developed as well as upgrading of the meeting and lobby areas.
Montreal is Canada's second largest city with a population of 3.6
million people and ranks first in the country in the number of
international organisation headquarters. There is a strong demand for
hotel rooms in the city. A demand that is expected to increase as
Montreal becomes a more and more important city for congresses and
meetings.
"We are looking forward to strengthen the collaboration with IHG with
whom we have good experiences of", says Anders Nissen.
Seller of the hotel is InterContinental Hotels Group and Cadim, a
division of the Caisse de dépôt et placement du Québec.
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