Sweden's Pandox Q3 EBITDA beats on strong lease revenue growth

Overview

• Sweden hotel property owner's Q3 EBITDA rose 30% and beat analyst expectations

• Q3 revenue from leases up 37% yr/yr; own operations revenue up 7%

• Company to divest seven hotels in Denmark and Sweden above book value

Outlook

• Pandox expects lower growth in Q4 due to strong prior-year comparison and higher interest expenses

• Company says divestments of seven hotels reflect growing investor interest in hotel properties

• Pandox aims to enter new lease agreements for German hotels after Revo Hospitality bankruptcy

Result Drivers

• LEASES SEGMENT GROWTH - Co said strong development in Leases segment drove increases in total revenue and net operating income

• GERMAN HOTEL RESTRUCTURING - Co established new operating models for nine German hotels after tenant bankruptcy, transferring six to Own Operations and three remaining in Leases segment

• PROPERTY DIVESTMENTS - Co signed agreements to sell seven hotel properties in Denmark and Sweden above book value, reflecting increased investor interest

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)