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Pandox confirms negotiations for UK hotel portfolio

Pandox said Nov. 21 that it has begun negotiations for the potential acquisition of a hotel portfolio centered on larger cities in Great Britain and the Republic of Ireland, confirming an earlier report.

Citing sources familiar with the matter, Reuters had reported in October that Pandox was considering a bid for Lone Star's portfolio of 36 Jurys Inn hotels in a deal worth roughly $1 billion.

Pandox acquired its first U.K. hotel in late August, and the potential Jurys Inn deal would be a big expansion for the Sweden-listed company.

Lone Star reportedly placed the portfolio, along with six Hilton hotels, up for sale in May.

Pandox noted that the deal is complex and present negotiations may not lead to a deal.