Pandox’s business concept is to own, develop, and lease out hotel properties to skilled hotel operators under long-term, revenue-based leases with guaranteed minimum levels. Pandox is an active and engaged owner that since inception in 1995 has created one of the largest hotel property portfolios in Europe. Pandox owns 158 hotel properties with around 35,600 rooms in 11 countries. Pandox’s main geographical focus is Northern Europe. Germany (23 percent) is Pandox’s single largest geographical market, measured as a percentage of the property portfolio’s total market value, followed by Sweden (22 percent), UK (20 percent), Belgium (8 percent) and Finland (6 percent). The total market value of the portfolio is approximately SEK 70 billion. www.pandox.se