Pandox has secured a €150m (£131m) financing package from AIB to support its €1.4bn (£1.22bn) acquisition of the Dalata Group hotels portfolio.
Dalata’s Aldgate Place hotel in East London
Pandox, listed on Nasdaq Stockholm with a market capitalisation of €3.62bn (£3.16bn) acquired the Dalata portfolio of 31 hotels across 11 cities in Ireland and the UK last summer.
The acquisition added 6,626 rooms and expanded its footprint in key markets, bringing its total number of properties to 193.
“This financing marks an important milestone for Pandox as we continue to execute our long-term growth strategy across northern and western Europe,” Pandox chief executive Liia Nõu said.
Cathal O’Connor, head of UK corporate banking and asset-based lending at AIB, added: “Pandox has a clear and compelling growth strategy, underpinned by high-quality assets and a strong commitment to ESG-focused investment.
“Supporting Pandox’s continued expansion across key European markets further reinforces our expertise in the hotels and hospitality sector and our growing European footprint.”
Goodbody acted as sole financial adviser to Pandox on the acquisition.
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