Pandox Buys Hyatt Regency Montreal For $58.3 Million

Quebec, Canada (AHN)- Swedish hotelier Pandox has acquired Montreal's Hyatt Regency for C$58.5 million ($58.3 Million) to further its expansion in North America, officials confirmed late Friday.

The 605-room Hyatt Regency was sold by Ashford Canada Trust, an affiliate of Ashford Hospitality Trust Inc. based in Dallas,Texas, for approximately $96,363 per key.

Pandox, having purchased the Montreal Intercontinental in July, said in a statement issued from Stockholm that its high expectations of the Canadian market have been fulfilled,

Pandox CEO Anders Nissen said the company was continuing its expansion in North America because the hotel fulfills strategic criteria with regard to city, size and location and Pandox is convinced it can further develop the hotel in co-operation with Hyatt.

The Hyatt Regency Montreal is the 46th hotel in Pandox' portfolio. The company runs the Hilton, InterContinental, Crowne Plaza, Radisson SAS, Holiday Inn, Scandic, Elite and Clarion properties in Sweden, Denmark, Germany,Belgium, the Bahamas, Britain and Switzerland.