NH Brussels Louise — Photo by NH Hotel Group
NH Brussels Louise — Photo by NH Hotel Group

Pandox AB has signed a lease agreement with the Norwegian operator Citybox for the current NH Brussels Louise, which Pandox acquired earlier in 2022. The lease agreement is expected to become effective during the first half of 2024 when the hotel reopens after an extensive renovation. The lease is revenue-based with a minimum rent and runs over 25 years with an option for a further 10 years.

The hotel, which has 246 rooms, will continue to be operated in Operator Activities under a franchise with the NH Hotels brand until the start of the renovation in April 2023. The renovation covers all parts of the hotel property, including BREEAM certification, and is expected to amount to approximately MEUR 12 with a good stabilised return. The hotel will be closed during the renovation and is expected to reopen in the first half of 2024 with Citybox as tenant.

Hotel website