PANDOXPANDOX

MARKET INFORMATION FROM PANDOX ONE OF THE LEADING HOTEL PROPERTY COMPANIES IN EUROPE

NO

. 2 • 2

00

8

Hotel room of the future without boundaries

Strong half-year despite increase in supply

Market information from Pandox

2

Poorer times ahead?The value of listed hotel shares has fallen by more than 50 percent the last year. At the same time, hotel companies’ profits are rising and several major companies continue to announce aggressive growth plans. What can the capital market see that has not yet happened? First of all, the stock market’s time-perspective is future oriented. One believes in poorer times ahead, while results presented by hotel companies are a summary of the past. Most people know this, but what is pressing the shares to today’s low levels?

If one studies various analyses performed on hotel companies, one can see that investors are expecting significantly changed demand within the hotel sec-tor. As a consequence of the slowdown of the global economy, lower demand is expected for business travel and meetings. Some people believe that greater environment consciousness will imply more restrictive travel policies for many companies, which could dampen demand even further.

Some analysts also believe that demand within the tourist segment will fall, partly due to greater anxiety about the future with a risk for unemployment and falling house prices.

On top of all this comes the effects of new hotel capacity – which does not affect demand as such but decreases RevPAR as a consequence of lower room occupancy. Furthermore, there is reason to believe that lower revenues in the hotel sector will mainly come from lower prices – leading to lower efficiency and a greater decline in profits.

Justified autumn pessimism … The analysts’ pessimism is therefore reasonably justified. The question how-ever is whether the capital market has perhaps overreacted. If one looks at Sweden, the situation looks stable while Stockholm has a slowdown in growth, which is similar to the pattern of other major European hotel markets. The year 200� has so far been surprisingly strong with high growth at the beginning of the year. The summer has been stable and most hotels have increased their reve-nues compared with 2007, which in itself saw a record summer. On the other hand, the autumn looks like a roller coaster. September will be very strong with opportunities to increase prices, but here after the situation looks more uncer-tain. There is a risk that we will see a decline in RevPAR in the last quarter.

… but no urgent crisisOn the positive side, it looks like the inflation is on the way down – which should imply lower risk for new increases in interest rates. Another strength is that most hotel companies have built up strong financial muscles in recent years. So with today’s available information, a slowdown in the economy should not imply an urgent crisis for the hotel industry. But – the negative scenario could be drawn out in time. The previous economic decline in 2001 took more than two years to level out. We should perhaps get used to the idea that it will take longer this time.

Sincerely yoursAnders Nissen

PSIt has been a tough time for those of us who love sport. First we travelled to Aus-tria to watch Sweden be beaten in the European Football Championships. And then the Swedish handball team crash-landed against Iceland, thus not qualify-ing for the Olympic Games in China. Followed by most of the medal hopes at the Olympic Games ending in shame. For Sweden, it was the worst Olympic Games for more than 100 years, so now – to use hotel market terms – the downfall should have reached its lowest level and that brighter times are now ahead of us. The question is in which sport? Did I hear someone whisper warping …

March

Pandox signs a revenue-based lease with Scandic for the operation of Hotell Skogshöjd in Södertälje – a hotel with 225 rooms acquired by Pandox in the spring of 2007.

April

Scandic takes over the operation of the previous Park Inn Stora Hotellet in Nyköping. The hotel, which has 9� rooms, will be called Scandic Nyköping City and will be Scandic’s second franchise hotel in Sweden.

Whitbread adds six new Premier Inn in London. Three of the hotels are acquired from The Real Hotel Com-pany and the other three will be built in Waterloo, Ealing and Old Street.

Park Plaza Hotels enters into an agreement with Ferens Management for the operation of about 20 new hotels in Russia. The hotels will be located in large Russian cities.

Travelodge acquires six hotels with a total of 719 rooms in Edinburgh, Bath, Newcastle, Coventry, Oldham and Stevenage. The vendor is Menzies Group together with a private invest-ment company.

May

Scandic signs an agreement for a new hotel in Haugesund in Norway. The opening is planned in the autumn of 2009. The total investment will amount to NOK 200 million.

Home Properties acquires two pro-perties in Visby on Gotland, Sweden. They are next to the Clarion Hotel Wisby, which is already owned by

Home Properties. Together it will be a 205-roomed hotel. The vendor is GE Real Estate.

The joint-venture company HHR Euro CV acquires Crowne Plaza Amster-dam for EUR 72 million. InterConti-nental Hotels will continue to manage the hotel under a new agreement. The new owners plan a refurbishment pro-gram of EUR 17 million.

Accor sells Sofitel The Grand in Amsterdam for EUR 60 million. The hotel will undergo a refurbishment program of EUR 32 million and simul-taneously be re-profiled to a Sofitel Legend. Accor remains with 40 per-cent ownership and signs a 25-year management agreement.

Arora International signs a franchise agreement with Accor and re-profiles the Renaissance Hotel at Gatwick to a Mercure hotel.

June

Hilton Hotels Corporation opens a hotel at Madrid’s airport. The 2�4-roomed Hilton Madrid Airport will be the group’s fifth Spanish hotel. The establishment is part of the plan to open 50 new hotels in Spain and Portugal over the next five years.

Rezidor Hotel Group signs a franchise agreement for a new Park Inn in Papenburg, Germany. The hotel will open in the autumn of 200� and con-tain 101 rooms, a restaurant, confe-rence facilities and a wellness centre.

July

Scandic enters into an agreement to build a 140-room hotel in Oslo. The hotel is expected to be completed in January 2010 and the total invest-ment will amount to NOK 170 million.

Newswithin the hotel world

Pandox Upgrade – market informa-tion from Pandox – published approximately 3 times annually.

Editors: Anders Nissen, Anette Österberg, Jill JanssonPandox ABP O Box 5364SE-102 49 Stockholm, SwedenTel: +46(0)� 506 205 50Fax: +46(0)� 506 205 70E-mail: pandox@pandox.se

Visiting address: Grev Turegatan 44

Upgrade can be ordered from Pandox or read online at www.pandox.com

Graphic design and production:n3prenör

Photo: Ulf Blomberg, Shutterstock and others.

Printer: Jernström Offset, Stockholm, September 200�.Reproduction only by permission from Pandox.

Front cover: Shutterstock

Market information from Pandox

3

Wait-and-see approach by investors

The market on the market

Globally, transactions are both fewer and smaller. In the first half-year 2007 more than a dozen portfolio transac-tions were carried out for more than one billion dollars. The first half-year 200� saw the completion of only one trans-action of that size.

According to Jones Lang LaSalle, investments were made in Europe, the Middle East and Africa (EMEA) for 6.4 billion dollars in the first half-year 200�. Portfolio transac-tions and single acquisitions stood for about half each. The transaction volume represented about 62 percent of the volume seen in the same period 2007. Even here, the really large transactions have been absent. And the portfo-lio transactions that were nonetheless carried out contain only two or three hotels.

Institutions continue to be interestedThe largest change has been observed in the investors’ behaviour. Private-equity companies and more aggressive property companies that previously borrowed large amounts to purchase hotels have retreated. On the other hand, small hotel operators have taken the opportunity to make selective acquisitions in order to raise the quality of their portfolios. Institutions and HNWI (High Net Worth Individuals) have the same or slightly higher activity levels than previously.

Yield levels have declined since 2001, although we have been able to perceive a change since the second half of 2007. Uncertainty in the financial markets has pushed up yields by about 1 percent, but there is still quite a long way to go before reaching levels of the previous crisis. Furthermore, since the economic downturn seen in the

beginning of the 2000s, hotels have been accepted as an investment class and have become increasingly popular.

More buyers than sellersThe feeling and approach to the current investment cli-mate is slightly less pessimistic if one looks at Jones Lang LaSalle Hotels’ Investment Sentiment Survey. Their report opens with ”Purchase in Rome, build in Bangalore, hold in Montreal and sell Spanish resort hotels”. It shows that investors continue to have an optimistic approach in the medium and long term. For each vendor, there are four purchasers, so interest is still significant.

40 percent of investors are currently interested in pur-chasing more hotels, representing an increase of about 4 percentage points. The number of investors who choose to hold on to their investments has declined slightly. The num-ber of vendors has also fallen from about 16–10 percent.

Different views lead to stagnationOne reason why the picture is not uniform is that the par-ties concerned have different expectations. Purchasers believe they can benefit from the crisis in the credit market and an anticipated poorer hotel market, and have therefore lower price expectations than one year ago. However, many who currently own a hotel continue to have high price expectations. This is not a completely strange reaction after a strong first half-year across the world.

The different views therefore led to a significant fall in the transaction market. Buyers and sellers are waiting for their respective opinion to become the reality.

Home Properties purchases land and building rights adjacent to the new national arena in Solna outside Stock-holm. The hotel will have 400 rooms, a banqueting hall for 2,000 people, 27 meeting rooms, a restaurant and a relax area.

Rezidor opens three new hotels in Norway with a total of 704 rooms. Park Inn Arendal will open in the third quar-ter 200�, the Park Inn Gardemoen Air-port in the third quarter 2010, and the Radisson Sørlandet Resort Tromøya Arendal is planned to open in 2011.

August

Sofitel London Heathrow has opened at Heathrow Airport and is directly linked to Terminal 5 via a bridge. It is a five-star hotel and has 605 rooms. It is owned by Arora International Hotels and is managed under a franchise agreement with Accor Hotels & Resorts.

Ramada is also opening a hotel at Heathrow. Ramada Jarvis is expected to open its 200-room hotel in Septem-ber. This will be the company’s first building project. Ramada has pre-viously only grown through acquisitions.

Hilton opens its first Garden Inn in the UK. The 157-room Hilton Garden Inn Luton North is located close to Luton Airport.

Rezidor informs that they will open a new Radisson hotel in Dresden in the beginning of 2009. The company will take over the current Park Hotel Dresden Radebeul. The hotel has 574 rooms and is located in the suburbs of Dresden.

Despite discussions about the existence or not of an economic recession, trans-action volumes have nonetheless fallen. In the United States, the number of transactions in the first half-year was only one quarter of those made in the same period 2007. The primary reason behind this decline is the problems in the global credit market with both more expensive and less available capital.

Market information from Pandox

4

Focus on the sector

Overall high levels

in the first half-year

The first six months of the year have been really good, despite all uncer-tainty. RevPAR rose in both Asia and Europe by about 15 percent while the Middle East and Africa increased by an impressive 25 percent. However, the United States, which is furthest ahead in the economic cycle, only rose by 1.5 percent in the first half-year 200�.

All markets are driven by rising average rates while occupancy had weak trends or even decreased. The weak dollar has reduced American travel outside the continent and has thereby had a positive effect on Cen-tral and South America which increased by more than 20 percent in the first half-year. Room occupancy continues to rise in Central and South America as well as the Middle East and Africa.

Weak economy and increased supply in the United StatesThe United States has so far been hit hardest by the macro-economic deve-lopment. Despite both Europeans and Asians having increased their travel to the US, as a consequence of the weak dollar, this has not been able to weigh

up weaker economic trends with both rising food and energy prices. The supply of hotels continues to increase, which also places further pressure on the sector.

In the first half-year, the decline in occupancy was witnessed throughout all price segments. However a diffe-rence was noticeable in different loca-tions of the country. City hotels and small towns declined least – and they furthermore still had an underlying increase in the number of sold rooms. On the other hand, suburbs and air-ports performed less well.

In New York, the number of sold rooms rose by almost 3 percent simul-taneously as the supply increased by about the same amount. Room occu-pancy therefore remained almost the same compared with last year. Average rates rose however by more than 7 per-cent, thereby resulting in an increase in RevPAR of close to � percent.

Trends in Europe were a little better. Certain cities still showed increased growth in RevPAR in the first half-year, while the second half started to lose momentum. Those that have declined are however still at a good rate of growth, just as in New York.

High occupancy in London despite large increase in supplyLondon, which leads the economic cycle in Europe, lost 0.5 percentage points in occupancy – thus lying roughly at last year’s level of �0 per-cent. This is a very good level in view of the increased supply of rooms in the city. In 200� and 2009, a total of almost 6,500 new rooms are expected to become available. The underlying demand in London is strong, but the supply could have a negative effect in the short term. Average rates have seen slowing growth but are still close to 6 percent over last year.

Despite Paris not having the Paris Air Show to lean back on this year, occupancy increased by more than 3 percent during the first half-year. Ave-rage rates rose further and closed with an increase of more than 6 percent.

Vienna, Basle and Zurich were some of the cities that were helped by the European Football Champion-ships in the summer. The matches were played during the whole of June and affected average rates strongly while occupancy on the other hand declined. Thanks to an increase in RevPAR driven by the higher rates,

the overall effect on results was signi-ficant. In Vienna, average rates increased for example in June by as much as 64 percent to a record level of 210 euros, while occupancy fell by more than 9 percent. YTD June, the city closed with a fall in occupancy of close to 2 percent and a rise in ave-rage rates of almost 16 percent.

Brussels is still experiencing strong trends. Occupancy rose in the first half-year by 4 percent while rates increased by � percent. This repre-sents stronger growth than the first half-year 2007 when RevPAR increased by � percent in total against this year’s close to 12 percent.

In Copenhagen, occupancy has started to decline and fell by nearly 3 percent in the first half-year. Average rates are still rising and were close to 10 percent over 2007 levels. In Oslo, growth in occupancy is slowing while average rates are relatively stable at about 10 percent over last year. Growth in the underlying demand is about 3 percent, but due to an increase in the supply, this is not fully reflected in the occupancy figures.

The hotel industry across the world has experienced a strong first half-year.The United States, which is furthest ahead in the economic cycle, has so far been hit hardest

by the weaker economic trends and their consequences.

Market information from Pandox

5

Stable growth in SwedenIn Sweden, overall growth is stable. On a rolling twelve months, RevPAR has risen by �–9 percent. Both ave-rage rates and occupancy are show-ing stable growth of about 5 percent and 1 percent respectively. Half-year results are also in line with these figures.

However, trends in Stockholm, Gothenburg and Malmö are some-what different – and are even different from one city to another.

In Stockholm, occupancy is rising by more than 2 percent on a rolling twelve months. In the first half-year, occupancy increased by more than 3 percent. This indicates that the

twelve-month figure contains a weaker autumn 2007. Developments in the forthcoming autumn will there-fore be particularly exciting. Macro-economic signals as well as indica-tions from the leading hotel cities in the world show that there is a risk of a decline in the market – although so far we have not felt the effects.

Average rates in the last twelve months are more than � percent higher than the same period the year before. The first half-year is about 7 percent higher. All in all, the statistics show a strong half-year with an increase in RevPAR of more than 10 percent.

Prices up close to ArlandaHotels located close to airports are usually one of the groups that first shows in which direction the eco-nomic cycle is heading. At Arlanda outside Stockholm, growth in RevPAR is still rising. Average rates show a strong increase and are now up around 11 percent on a rolling twelve months thanks to a very strong first half-year. Occupancy is however in line with last year, but is stable at an historically high level of 6� percent.

In Gothenburg, growth is starting to slow, even if the first half-year was strong. On a rolling twelve months, it is primarily average rates that led to a

rise in RevPAR. However, in the first six months both rates and occupancy have increased by roughly the same amount.

In Malmö, both the long and short trends look the same. Occupancy is increasing by about 1 percent while average rates are 6 percent over last year. Business and conference travel is at an unchanged level while leisure travel fell slightly during the latest twelve-month period.

OCCUPANCY TRENDS JAN–JUN

Letzigrund in Zurich (above) and Stade de Genève in Geneva (below) were two of the places where the European Football Championships were held in the summer. The sports event led to a strong rise in average rates, but to lower occupancy.

2005 2006 2007 2008

London 1% 6% 1% 0%

Brussels 1% 6% 0% 4%

Berlin –3% 5% 7% –2%

Stockholm 7% 5% –1% 3%

AVERAGE RATE TRENDS JAN–JUN

Explanation: RevPAR: Revenue per available room

2005 2006 2007 2008

London 5% 4% 12% 6%

Brussels 3% 5% �% �%

Berlin –3% 11% –3% 7%

Stockholm 2% 3% �% 7%

London has slower growth in occupancy. The level is however still high and is currently at �0 percent for the first six months of the year. Both Stockholm and Brussels show stronger growth this year compared with last year.

Average rates in London are also seeing a slowdown in growth. Berlin however has had better growth in 200� than the first half-year 2007.

Market information from Pandox

6

Pandox market barometer June 200�

sweDeN

Comments – Internationally

Comments – Sweden

(Sources: STR Global, and central statistics agencies in Norway and Finland)

(Sources: Nutek and SCB)

Paris had good growth in rates in the first half-year, despite the absence of the biannual Paris Air Show. Occu-pancy YTD June was 3 percent over last year. Average rates increased by more than 6 percent which led to growth in RevPAR of 10 percent. In Copenhagen, occupancy has started to reach its ceiling and was at 65 per-cent compared with the first half-year 2007 when it was close to 67 percent.

Average rates are still rising by about 10 percent.

London has been relatively stable during the year with high occupancy of around �0 percent. YTD June is in line with last year. Average rates are about 6 percent over last year. So far this year, RevPAR has risen by more than 5 percent. In Amsterdam, occu-pancy has been declining for several months, although average rates are

still rising. Pressure on RevPAR is quite hard, although it still shows slight growth compared with last year.

Oslo is seeing a slowdown in growth in occupancy, although growth in average rates is still strong and has shown a rise of 10 percent for some time. Occupancy growth on rolling twelve months is about 11 percent. Brussels is still rising both in occu-pancy and average rates. RevPAR

increased in the first half-year by more than 12 percent.

Stockholm’s five-star segment is still developing well. Occupancy has sta-bilised again after a rather weak start to the year. Clarion Hotel Sign opened at Norra Bantorget in the spring and has affected trends for other hotels to a certain degree. The rise in average rates has been slightly dampened by the new competition but is still rising

by close to � percent on a rolling twelve months. RevPAR in this segment is now 10 percent over the previous twelve-month period.

Growth is lower in Gothenburg than in Stockholm. Trends are how-ever still relatively stable and both occupancy and average rates are rising. The first half-year has been

good here as well. RevPAR closed at YTD June with 5 percent over last year. The increase is driven equally by growth in both rates and occupancy.

Helsingborg is one of few cities that is actually falling in occupancy and the city’s average rates have a slowly decreasing growth on a rolling twelve months. All in all, this results in

a RevPAR slightly over last year. For the first half-year, RevPAR is even about 2 percent under the same period 2007. In Jönköping, growth is still stable at about 2 percent for occu-pancy and 4–5 percent for average rates.

The market barometer indicates the selected cities’ position in the business cycle. The assessment is based on an analysis of each city. Consideration is given to macro-developments, the trends of the hotel industry and business

conditions, how the hotel market is evolving, and the extent to which the hotel property market is developing and has liquidity. It is important to note that the hotel business cycle is the same in its pattern but different in time.

BRIEF DESCRIPTION OF THE VARIOUS PHASES OF THE HOTEL BUSINESS CYCLE:

GROWTH b Occupancy is rising relatively rapidly and rates have begun to increase. High potential and low risk.

PEAK h Occupancy continues to rise and rates increase above inflation. Strong potential and low risk that gradually increases to high risk.

DECLINE x Occupancy and rates decline due to lower demand or excess capacity. This phase is characterised by low potential and high risk.

WEAKENING DECLINE c The decline tapers off and RevPAR gradually levels out. This phase is characterised by some potential and high risk.

LEVEL OUT v Occupancy rises and rates remain unchanged. High potential with wea-kening risk.

PeAK hUmeå, Stockholm 5*, Stockholm, Gothenburg, Malmö, Helsingborg, Jönköping, Luleå, Lund, Uppsala, Sundsvall

x DeCLINe

GROwTH bKarlstad

c weAKeNING DeCLINe

v LeVeL OUT

INTeRNATIONALLYPeAK hParis, Copenhagen, London, Amsterdam, Oslo, Brussels, Vienna, Berlin, Helsinki

x DeCLINePrague

GROwTH b

c weAKeNING DeCLINe

v LeVeL OUT

Market information from Pandox

7

Current trends

The most private area open to public view

For hotel guests, the bathroom today is almost as important as the bed-room. At least if the recent years’ transformation of the bathroom to a spacious wet living room is a sign of our guests’ new preferences.

Today, it is more a rule than an exception that new hotels be built with bathrooms that are more or less open to view. If it is not full-length glass walls towards the outer or bed-room wall, then it will at least be a glass door – or frosted at a pinch. A private life today is not encouraged, but instead company and constant contact. The time has passed when one locked oneself in the bathroom for a moment’s relaxation.

A visit to the toilet is peace for the soulA survey was performed a few years ago in the UK as to how people used, and would like to use, their bathrooms. Nearly one fifth of the respondents would spend two hours or more in a dream bathroom. 25 percent said that the most important reason for visiting the bathroom was to be able to lock the door and get away from other family members. To the question as to who they would like to forbid access to the bath-

room, the answer was very clear – the partner. 14 percent of the men wanted to forbid their partner access while 24 percent of the women replied the same. Bearing in mind the results of this survey, it would seem that today’s transparent bathroom is totally wrong.

Another clear bathroom trend is to make the bathroom more cosy and more as a living room – a wet living room for socialising. It is not totally unusual with a television and DVD, stereo equipment, double shower and a comfortable couch or armchair. At the Hazelton Hotel in Toronto, one has solved the ques-tion of private life by having a bath-room for her and a bathroom for him. In ”his” bathroom, the fur-nishings are in walnut with heavy bookshelves, completely in line with the living room trend. ”Her” bath-room is white with large candelabras and own walk-in closet.

A future without boundariesA hotel stay shall be comfortable. One must feel at home but without obligations, and with total service. Is today’s bathroom therefore a step towards the hotel room of the future?

Perhaps the hotel room of the future is a room totally without any bounda-ries – either mentally or physically. Once upon a time we could fulfil this regulation-free oasis only by chang-ing the sheets and towels each day, offering breakfast in the room, and having drinks close to the bed. Today, guests want to read their email at the same time as they are brushing their teeth. Have a moment’s quality time together with their partner without any compro-mises. This could mean one of them having a bubble bath while looking at the news while the other has a well-cooled glass of champagne in front of the fire. Simultaneously and together. Or …

… has the designer decided?Is a bathroom with total open view an answer to what our guests would like to have or is it the result of having used design and trend-controlled architects without any thought for functionality? It would seem that only half of the survey from the UK

has been read – the part about that people would spend much more time in a dream bathroom if they only had the chance. The boundary-free bathroom has thereby been created where one can do what one wants. That 25 percent visited the bathroom in order to have time to themselves has been forgotten in the fast-moving process.

… you can check in via your telephone. At the luxury hotels Sofitel Le Faubourg and Pullman Paris Bercy in Paris, regular guests can check in via telephone during a trial period. They receive a text message, can go past the queue at the reception and then unlock the room directly with the help of their tele-phone.

… a hotel bar, only six months old, has been voted as London’s best place to drink! The Time Out maga-zine has listed 50 locations in the capital city and the choice was made among 650 bars and restaurants. The Coburg Bar at the Connaught Hotel in Mayfair won the fine award.

… a ”dogillow” can be booked for your four-legged friend at Travelodge. The pillow is in two sizes. There is also a premium alternative that is a mini-version of the company’s king-size bed with accompanying mattress, cover and pillow.

… there is a salt som-melier at the Anantara Hotel in the Maldive Islands. The somme-lier guides his guests through eleven diffe-rent kinds of salt. The delicacies include black lava flake from Cyprus, Balanese coconut salt, and lime-smoked sea salt.

Visit a newly opened hotel and look in the hotel room’s bathroom. Full-length glass, half glass or frosted glass. The trend is clear – let in the light and erase the boundary between bedroom and bathroom. Have the guests asked for this or have the architects had a totally free hand?

Cotswold House in Chipping Campden, England.

DID YOU KNOw... Sundry facts from various corners of the hotel world

Market information from Pandox

�

News from the Pandox sphere

New and old at the Hotel Berlin, Berlin

Newly refurbished and guest-oriented meeting rooms have made the Hotel Berlin, Berlin well-known and liked in the city and the whole of Germany. 22 meeting rooms with a total of 2,000 square metres with all imaginable technical finesses are available. A Guest Care Centre has been created in order to be able to offer the best possi-ble service to the guests. A new system with more than 250 international TV

channels and new HDTVs has been installed. The hotel has also refur-bished the corridor in the original part of the hotel and used the areas around the lifts for pictures of Berlin from yesteryear and today.

The hotel has also made a Gallery Berlin, Berlin – a 37 meter long wall with a panorama view of Berlin from the past, as well as pictures with orig-inals from the hotel’s more than 50-year history. An exciting experience.

New management in Stockholm and MontrealPeter Eriksson took over as General Manager of the Hilton Stockholm Slussen on 1 August after Mats Liste. Peter has worked for Hilton for nine years and started as a Hilton trainee directly after completing his Hotel Management studies at Oxford Brooks University. After a number of years at various Hilton hotels abroad, Peter came to Stockholm three years ago as Director of Business Development.

Pandox’ latest acquisition – Hyatt Regency Montreal – has a new General Manager since March this year. Patrick Cappa was born in New York and grew up in Nice. Patrick comes from the Park Hyatt Toronto. He worked for Hyatt Hotels for six years, and for various hotel chains in Canada before that.

We wish both Peter and Patrick good luck in their new positions and warmly welcome them to the Pandox sphere.

New look at Hilton Brussels CityHilton Brussels City’s lobby and guest corridors have been redeco-rated by the Swedish architect –Bronwynn Welsh of Doos Arkitekter. The picture to the left gives an idea of the new furnishings.

Colourful Hotel BLOOM! back in the spotlightWe have previously written that our new General Manager Christel Cabanier at the Hotel BLOOM! has become a TV personality in Belgium. She is a member of the jury in the TV program ”My Restaurant”. The hotel obtained a lot of publicity when the program had a party at the hotel’s restaurant Smoods. One had produced an own wine especially for the party with the name BLOOM!

Another Belgian TV pro-gram, Super Models Con-test, has been filmed at BLOOM! Belgium’s best-known model Elise Crombez is one of the judges.

Many well-known pop artists also stay at the hotel and use interior pictures from the hotel in their CD covers. For example, look at Sandrine’s and Milk Inc’s new CDs.

Activities fill the Radisson SAS BasleThe Radisson SAS Basle experienced good times during the European Football Championships when six matches were played at the St Jakob Stadium in Basle. Players, referees, UEFA representatives and the press stayed at the hotel for three weeks.

The Art Exhibition in Basle also attracts people to the hotel, which had a good summer.

The picture shows the hotel’s advertisement for its Dinner Dance evenings where guests, after a good dinner, can learn to dance together with professional dancers from a local dance school.

Hotel Market Day on Tuesday 18 November Remember to register for this year’s Hotel Market Day to be held on Tuesday 1� November at the Hilton Stockholm Slussen. Go to www.pandox.com or send an email to pandox@pandox.se.

welcome to

pandox’hotelmarket day

at hiltonstockholm slussenReserve Tuesday 18 November for your

participation at this year’s hotel seminar. As usual, we will present national and international hotel market trends and report on a hot topic in our industry.

NEW

S

trENdS

PAND

OX HOTEL MARKETDAY

18 Nov.2008

HILTON STOCKHOLM SLUSSEN

annual