Skierfe has advised Pandox AB (publ) in connection with the acquisition of the newly built Elite Hotel Frost with 154 rooms in central Kiruna, Sweden.
Elite Hotels is the tenant under a 15-year, revenue-based lease agreement with a minimum guarantee. The total purchase price amounts to approximately SEK 347 million and is financed by available cash funds and existing credit facilities.
The hotel has two restaurants, modern meeting and conference facilities, a sky bar, as well as a gym and spa. It features a distinct Scandinavian design aesthetic and will attract demand from both the leisure and business segments. The project is in its final stages of completion and is expected to open to guests in June 2025. The hotel is sold by the Municipality of Kiruna.
Kiruna, Sweden’s northernmost town, is a unique tourist destination, widely known for its Arctic nature and rich culture.
Listed on Nasdaq Stockholm, Pandox owns, develops, and leases hotel properties to skilled hotel operators under long-term, turnover-based leases with minimum guaranteed levels. Its portfolio includes 162 hotel properties with approximately 36,000 rooms across 11 countries in Northern Europe. Its portfolio’s market value is approximately SEK 75bn.