Canada: Hotel owner and operator Pandox has entered into an agreement to sell the InterContinental Montreal for approximately $80 million CAD.
The transaction, including the property and hotel operations, is being made in the form of divestment of assets and liabilities. It is expected to be finalised in Q1 2023.
Currently, InterContinental Montreal is operated under a management agreement. It comprises 357 rooms and is connected to the Montreal Convention Centre. Other amenities include a restaurant, meeting and event space, and a fitness centre with a swimming pool.
The buyer is a real estate investor and developer with operations in eastern Canada.
Liia Nõu, CEO of Pandox, said: “We are pleased to have signed an agreement to sell InterContinental Montreal, which we have owned since 2007 and have developed in stages since then. The timing is right, the sale price is attractive, and the buyer has a strong local presence in Montreal. With the sale, we prove that Pandox’s value creation model works well in all our markets. The divestment realises value and frees up capital for continued expansion in our main markets.”
Pandox’s hotel portfolio includes 156 hotels with around 35,500 keys in 15 countries. The business is divided into two departments: property management, which comprises hotel properties leased on a long-term basis to regional and international hotel operators, and operator activities, which comprises hotel operations executed by Pandox in its owner-occupied hotel properties.
