Aareal Bank AG has arranged a €405.57 million financing for a portfolio of 13 hotel properties owned by Pandox AB, a hotel property company operating across Europe.
The portfolio comprises 3,458 rooms across eight cities: Amsterdam, Vienna, Brussels, Munich, Hamburg, Frankfurt, Cologne and Salzburg. The majority of the hotels operate under long-term lease agreements with NH Hotel Group, NUMA and Radisson Hotel Group. Multiple assets carry BREEAM “Very Good” or “Excellent” ratings, qualifying a portion of the loan as green financing.
“This financing highlights our long-standing commitment to Europe’s prime hospitality markets and to partnering with owners who actively create long-term value,” said Michelle Weiss, head of hotel properties at Aareal Bank. “Pandox’s disciplined asset management approach and strong operating platform form a very robust foundation for sustainable portfolio growth.”
“We value our continued partnership with Aareal Bank, whose deep understanding of the European hotel sector and long-term approach make them a trusted financing partner,” said Joakim Andersson, SVP treasury at Pandox AB. “This financing supports our strategy of active asset management and portfolio optimization by enhancing the quality and sustainability of our portfolio.”
The transaction closed March 31, 2026. Aareal Bank acted as arranger, facility agent and security agent. DLA provided legal advice and CBRE served as valuation advisor.
Pandox owns, develops and leases hotel properties across approximately 90 cities in 11 countries, with a total portfolio market value of approximately SEK 93 billion (EUR 8.6 billion).