Pandox and Eiendomsspar offer €1.4b for Dalata Hotel Group

Pandox and Eiendomsspar have announced their firm intention to acquire Dalata Hotel Group for approximately €1.4 bn.

Scandic Hotels Group

The acquisition will be made through their newly formed joint entity, Pandox Ireland Tuck Limited (Bidco). Pandox is expected to own 91.5% of Bidco at completion, with Eiendomsspar holding 8.5%.
The Dalata Board intends to unanimously recommend the offer, which is fully financed through a combination of Pandox and Eiendomsspar's existing cash and a facility from DNB Bank.
The acquisition will comprise 56 hotel businesses across Ireland, the UK, Germany, and the Netherlands. The portfolio includes 31 freehold and long leasehold properties, 22 leasehold hotels, and 3 managed hotels, independently valued at approximately €1.7 bn as of June 30, 2025.
Pandox and Eiendomsspar, through Bidco, have a framework agreement with Scandic Hotels Group to operate the Dalata portfolio post-acquisition, with the long-term goal of separating Dalata's real estate and hotel operating businesses. Furthermore, option arrangements are in place that could see Scandic acquire the hotel operating business for an anticipated €500 mln, subject to adjustments after the separation.
If completed, Scandic's portfolio would grow by 56 hotels with approximately 12,000 rooms, plus a pipeline of about 1,900 more, primarily located in Ireland and the UK. Following this potential sale, Bidco would retain 31 freehold and long leasehold properties, primarily in Ireland and the UK, which would be operated by Scandic under new revenue-based leases.
Liia Nõu, CEO of Pandox, commented: “Dalata’s portfolio consists of well-established and highly profitable four-star hotels in strong locations, which will further expand Pandox’s footprint in several large, dynamic, and growing hotel markets in Northern Europe. The hotel properties are of a high technical standard and will contribute positively to the overall quality of Pandox’s hotel property portfolio. Through this cash-flow and value-accretive transaction, we will also deepen our already strong partnership with Scandic Hotels Group, which is based on operational and commercial excellence. We have the utmost respect for Dalata, the business it has created, and its staff, and we are excited at the prospect of joining forces for future growth.”
Jens Mathiesen, Scandic president & CEO, added: “Dalata is a high-performing operator with strong brands and leading or established positions in attractive markets. The company primarily operates in the mid-market segment and shares a similar business model with Scandic. Overall, Dalata is a good fit for us. We see this as an opportunity to add a growth platform in new and attractive markets at an attractive valuation. Scandic’s strong financial position enables us to pursue this opportunity with balanced leverage.”
The acquisition is expected to be completed in Q4 2025.
Dalata's owned hotel portfolio, valued at €1.7 bn, consists of 31 four-star hotels with a total of 6,626 rooms. These hotels, operating under the Clayton and Maldron brands, are located in 11 cities, primarily in Ireland (21 hotels) and the UK (10 hotels), including key destinations like Dublin, Galway, Cork, Limerick, Belfast, Manchester, and London.