Hotel property company Pandox has agreed to divest DoubleTree by Hilton Montreal in Canada, which it has owned since 2008.

The sale includes both the 595-room hotel property and operations with a total transaction price of MCAD (Multi-Currency Accumulation/Distribution) 80.

The total gross transaction value amounts to MCAD 95. After a deduction for structural investment needs of approximately MCAD 15, the transaction price amounts to MCAD 80, which corresponds to the property’s book value on 31 December 2023.

According to Pandox, the transaction price reflects the hotel property’s future investment needs, the hotel operation’s estimated profitability potential and the company’s limited economies of scale in operations and property management in Montreal.

After the divestment of InterContinental Montreal in 2023, Pandox has one hotel property left in the city.

The transaction will be made in the form of divestment of assets and liabilities and is expected to be finalised in the second quarter (Q2) of 2024 following a customary due diligence process, according to Canadian practice, in which the buyer pays a deposit that is forfeited if the transaction is not completed.

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The buyer is said to be a well-established hotel property owner and developer with headquarters in Montreal.

Pandox CEO Liia Nõu commented: “With the divestment, we realise values and free up capital for investments with higher return potential in our home markets where we can execute hotel property development more efficiently.

“We are happy to have reached an agreement with a strong local hotel property owner who can take the hotel property, with its challenges and opportunities, to the next level.”

In mid-2023, Pandox boosted its UK presence by acquiring Hilton Belfast in a £40m deal.