Pandox to buy hotel portfolio in UK and Ireland for $1 billion

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(Reuters) - Pandox AB said it had agreed with Lone Star to acquire a portfolio of 37 hotel businesses in the UK and Ireland for 800 million pounds.

After a reorganisation of the portfolio, Pandox will retain ownership of 20 investment properties and one operating property in the UK and Ireland. [nWkr5BT37B]

The portfolio is expected to contribute about 450 million Swedish crowns in net operating income and 200 million crowns in cash earnings by 2018, provided the deal is closed in 2017, the company said.

($1 = 0.7490 pounds)

(Reporting by Thyagaraju Adinarayan in Gdynia, editing by David Evans)

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