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Annual Report 2021: Welcome back

2021 was a year with many faces. Covid-19 and government restrictions had a very negative impact on the first part of the year. In the later part of the year there was strong recovery in the hotel market thanks to vaccination programmes, eased restrictions and pent-up travel demand among both leisure and business travellers.

The year 2021

Comments from management

"Onwards and upwards"

"In the later part of the year there was strong recovery in the hotel market thanks to vaccination programmes, eased restrictions and pent-up travel demand among both leisure and business travellers."

Read Liia Nõu's CEO comments here.

"Pandox is a driven, forward-looking company"

"At my first meetings with my colleagues at Pandox I was also struck by the in-depth expertise everyone seemed to have in their respective areas."

Read Anneli Lindblom's CFO comments here.

"A year in which strength was decisive"

"In Liia and Anneli the Board has secured a very strong leadership duo who – along with other employees – will pilot Pandox safely out of the pandemic."

Read Christian Ringnes' words here.

                            Stable earnings despite the pandemic

Throughout the Covid-19 pandemic Pandox has reported positive cash earnings in each individual quarter, which clearly demonstrates the resilience of the business model in difficult times.

2,005

Net operating income, MSEK

712

Cash earnings, MSEK

49.8%

Loan to value, net

62,596

Property market value, MSEK

157

Hotel properties

35,372

Hotel rooms

Sustainability report

We are accelerating the pace to offer sustainable properties

Ongoing climate change requires action. New legal obligations are being introduced at a fast pace, the EU Taxonomy Regulation being among the most impactful so far. It requires entities to show what actions they are taking and to create new forms of cooperation to solve the global sustainability challenges. Read more here
6

Number of BREEAM certified properties

41%

Renewable energy

204

Energy intensity, kWh/sq m

The future in focus

Thanks to Pandox’s considerable platform of hotel properties and partnerships throughout Europe, attractive opportunities to invest in our existing portfolio are always arising. They include investments in renovation, new rooms, expansion or to improve energy efficiency. In 2021, despite the uncertain situation, Pandox invested around MSEK 1,000 in projects to boost future growth. Examples from the year include a major expansion of Scandic Luleå, vitalisation and rebranding of DoubleTree by Hilton Brussels City, renovation of nhow Brussels Bloom and the creation of ultra-modern conference spaces at Hotel Berlin, Berlin.

Value creation in practice

Large investment in existing portfolio

Holiday Inn Brussels Airport turned the crisis into an opportunity

When the Covid-19 pandemic struck, Holiday Inn Brussels Airport chose to turn the crisis into an opportunity. With an empty hotel, large, long-awaited renovations of all rooms and public areas were carried out to make the hotel in top condition ahead of the guests' return.

Pandox invests big in Luleå, Norrland’s commercial centre

In summer 2021, barely 18 months after ground was first broken, the major expansion of Scandic Luleå was complete. A total of 118 rooms were added, 112 of which are in a brand new nine-storey building.

Vitalisation and re-branding of DoubleTree by Hilton Brussels City

After comprehensive renovation and rebranding from Crowne Plaza Brussels – Le Palace, the hotel reopened in the autumn as DoubleTree by Hilton Brussels City.

Pandox Hotel Market Day 2021

Pandox held its annual Hotel Market Day 2021 on 23 November.

Based on the theme "The big follow-up", well-known experts discussed global trends before and after covid-19 and its implications for the hotel sector.

See the full event here

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