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Landmark hotel located opposite Central Station in Brussels sold to Nasdaq Stockholm listed Pandox AB
LONDON, 21 September 2016 – JLL Hotels & Hospitality Group has advised a private client on the sale of the Hilton Brussels Grand Place, Brussels, Belgium, to the Swedish hotel owner/operator Pandox AB. The purchase price achieved for the hotel equates to £47million (EUR 55million), a record high for the Belgian capital. The Hilton Brussels Grand Place opened as Hilton’s flagship hotel in Belgium in November 2014. It comprises 224 guestrooms along with a restaurant, bar, fitness centre and conferencing and business facilities. Benefitting from its privileged location, the hotel provides excellent accessibility to business and conference districts as well as tourism spots. Christopher Exler, Vice President in JLL Hotels & Hospitality Group said: “Brussels is considered to be a stable market, benefitting from anchor demand drivers (EU, NATO) and no current threat to supply. “While the demand from cross-border capital to invest in Brussels is growing, Pandox AB, a clear market leader in Belgium, quickly identified this opportunity as a strategic fit for its portfolio.” Established in 1995, Pandox AB is one of the leading players in the hotel property market in Europe, operating 113 hotels with more than 24,000 guestrooms in eight countries across Europe and Canada. The JLL investment sales team representing the seller was led by Executive Vice President Patrick J Saade and Vice President Christopher Exler.
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