Pandox buys DoubleTree by Hilton Bath for £40m

Pandox has bought the 176-bedroom DoubleTree Hilton Bath for £40m from Starwood Capital Group.

The hotel will be operated under a new management agreement with Axiom Hospitality, subject to a franchise under the DoubleTree by Hilton brand. The acquisition will initially be financed by cash and existing credit facilities.

Liia Nõu, chief executive of Pandox, said: "We are pleased to make this acquisition. The UK is a priority market for us and a hotel in Bath provides exposure to an attractive tourist destination that ranks as a top destination with both domestic and international visitors.

"The hotel is well-invested and has a strong, strategic location in central Bath, attracting both leisure and business travellers. At the same time, we have clear ideas of how we can further strengthen the hotel's position and profitability. We are also pleased to add Axiom Hospitality as a new business partner.”

Pandox owns a portfolio of hotel properties in Northern Europe focused on sizeable hotels in key leisure and corporate destinations. Pandox’s hotel property portfolio comprises 156 hotels with approximately 35,500 hotel rooms in 15 countries.

Photo: www.hilton.com/en/hotels/bathndi-doubletree-bath/