Hotel ownership and management company Pandox AB has acquired Hilton Belfast for approximately £40 million.
The property, which is situated in central Belfast just 200 meters from the central station, comprises 202 guest rooms and will be operated under a management agreement with Axiom Hospitality, subject to a franchise under the Hilton brand.
The total acquisition price, including certain targeted value increasing investments, amounts to approximately £40 million and will initially be financed by cash and existing credit facilities.
Pandox acquired Hilton Belfast from a controlled affiliate of Starwood Capital Group and expects the hotel to generate a stabilised yield of approximately 10%.
The hotel has a strong competitive position and underwent significant refurbishment during the pandemic, including the renovation of all rooms and public areas.
The Pandox AB hotel portfolio currently stands at 159 hotels with approximately 35,800 hotel rooms in 15 countries.
The hotels are managed under different types of agreements and are marketed under well-known hotel brands. Pandox has also over the years created a number of independent brands.
Pandox already owns Leonardo Belfast which comprises 270 rooms and also counts The Midland hotel in Manchester and the Leonardo Royal Hotel in Birmingham among its portfolio.
Source: Boutique Hotelier (link opens in new window)