Hotel property company Pandox and German operator Numa have reached a new long-term lease agreement for Hotel Hubert in Brussels, Belgium.
This strategic move is set to enhance the hotel’s net operating income and overall value, with the agreement scheduled to begin on 1 April 2025.
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Pandox CEO Liia Nõu said: “We are pleased to welcome Numa as a new tenant in Hotel Hubert in Brussels. The lease agreement is competitive and a confirmation of our ability to create value by acquiring, developing and improving underperforming hotel properties in an international environment.
“It is also a good example of our model where we combine real estate expertise and deep hotel knowledge in creating value by transforming hotel properties based on their unique conditions. The new lease agreement with Numa results in a tangible value increase in the property.”
Pandox has managed Hotel Hubert since 2017, following extensive renovations and strategic repositioning, achieving profitability and value development.
It features 100 rooms catering to both leisure and business travellers and holds a position within its market segment.
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By GlobalDataPandox’s portfolio is extensive, encompassing 162 hotel properties with approximately 36,000 rooms spread across 11 countries in Northern Europe.
The company continues to expand its footprint in the hospitality sector, with an agreement in September 2024 to acquire DoubleTree by Hilton Edinburgh City Centre in Scotland for approximately £49m ($64m).
Further demonstrating its growth trajectory, Pandox expanded its portfolio by acquiring three aparthotels in central London in August 2024 for £230m.
Catering to the extended-stay market, these properties are operated by Axiom Hospitality under the Residence Inn by Marriott brand through a management agreement.
