Pandox acquires Brussels Hilton (Belgium)
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Pandox acquires Brussels Hilton (Belgium)
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Category: Europe - Belgium - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-09-08
- Pandox’s strengthens its position as a leading player with six hotels and total of 1,750 rooms in Brussels, one of Europe’s most dynamic hotel markets.
Brussels Hilton is one of Brussel’s largest and best-known hotels. The hotel property is located at Boulevard Waterloo just a few steps from the prestigious shopping street Avenue Louise. The hotel, which is a landmark, comprises 432 rooms on 26 floors with several conference floors, two restaurants, fitness and spa center.
The acquisition totals EUR 29 million, which includes the hotel building and the operations. The seller is a US investment company.
Brussels Hilton was built in 1967 and has since then been a part of the Hilton chain. In recent years, the hotel has lost its strong market position as a result of an outdated offering and serviceselection that has not met the expectations of today’s travelers.
Pandox’s vision is to restore the hotel to its historically strong position as one of the city’s leading business and conference hotels in the premium segment. It will be achieved through an extensive development program including rooms, conference facilities, public areas, property technology and an appealing food and beverage offering. Another important area will be to implement a modern organization that corresponds to the high demands from today’s and future guests. The total investment is estimated to just over EUR 25 million.
With the acquisition of Brussels Hilton, Pandox strengthens its position as one of Brussels’ leading hotel players. See appendix.
“This is a typical Pandox acquisition. We see significant potential in such a well-known hotel, and it will be a great honor for us to take on this development work,” says Anders Nissen, CEO of Pandox.
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