Pandox AB, the Swedish hotel giant, has reached an agreement to acquire Adagio Aparthotel in Edinburgh from MAS Plc.
The 146 room hotel in central Edinburgh, built in 2016, was bought for £40.5m.
Pandox’s hotel property portfolio currently comprises 157 hotels with approximately 35,500 hotel rooms in 15 countries.
CEO of Pandox, Lila Nõu said, “We are very pleased to acquire Adagio Aparthotel Edinburgh. It is an attractive hotel property in an exciting segment in a dynamic and expanding city. The hotel is strategically and centrally located in one of the most attractive hotel markets in the UK with well-diversified demand and very good RevPAR levels. The acquisition provides exposure towards the extended stay segment, which we hope will grow over time as part of our portfolio”.
The company also noted that Edinburgh, together with London, has the highest RevPAR in the UK.