OSLO-Pandox AB, a real estate firm in Sweden, has agreed to purchase Norgani Hotels AS, the Nordic hotel property firm, from Norwegian Property ASA for $1.33 billion.
The hotels have 671,000 square feet of lettable area and up to 12,884 rooms. Pandox, Sundt AS and Eiendomsspar AS are joint purchasers and the transaction is expected to close in the Q4 of 2010. Norgani Hotels owns a conference center and 73 hotels located in Sweden, Finland, Denmark and Norway. For the full story, go to Reuters.
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