Regulatory Story
Go to market news section View chart   Print
RNS
easyHotel PLC  -  EZH   

easyHotel secures lease for hotel in Cambridge

Released 07:00 20-Mar-2018

RNS Number : 2111I
easyHotel PLC
20 March 2018
 

 

 

20 March 2018

easyHotel plc

easyHotel plc

("easyHotel", "the Group" or "the Company")

 

easyHotel secures lease for purpose-built 100 room super budget hotel in Cambridge

easyHotel, the owner, developer and operator of "super budget" branded hotels, announces that it has signed a 25-year lease on a site in the city of Cambridge, for the development of a new purpose-built easyHotel. The agreement is subject to planning permission.

Located on Newmarket Road, the site is situated less than 1 mile from Cambridge City Centre. The site is to be developed into a new purpose-built 100-room easyHotel. The hotel is expected to open in 2019.

Cambridge is a popular tourist destination, famous for its University and Museums.  It is also home to Silicon Fen, one of the UK's most dynamic technology hubs. The Cambridge hotel market has experienced strong growth in recent years and suitable development sites are in high demand.

Cambridge will be the Group's third leased site. The hotel will be let on a 25-year FRI (fully repairing and insuring) lease at an annual rent of approximately £625,000. The hotel will be developed by MP Merchant, in line with easyHotel's specifications.   

As previously outlined, whilst the Board is focused on accelerating the Group's expansion through owned and franchise hotel development, it will consider leased sites on a specific and limited basis for strategic locations where the acquisition of freehold or long freehold interests do not meet the Board's strict investment criteria.

Commenting, Guy Parsons, CEO of easyHotel plc said:  

"Having recently completed a successful fundraising to fund the acceleration of our owned hotel portfolio, this announcement is a clear signal of our intent and ambition to expand our development pipeline, targeting popular business and leisure city centre locations.

"The Cambridge site takes easyHotel's pipeline of owned/leased development projects to 1,041 rooms, adding one of the UK's most thriving and popular cities to our network. The Board looks forward to announcing further opportunities in due course."

Enquiries:

easyHotel plc

 

Guy Parsons, Chief Executive Officer

www.easyhotel.com

Marc Vieilledent, Chief Financial Officer

http://ir.easyhotel.com

Investec (Nominated Adviser and Broker)

+44 (0) 20 7597 5970

David Anderson

 

Houston PR (Financial PR)

+44 (0) 20 3701 7660

Kate Hoare

 

 

Notes to Editors:

www.easyhotel.com http://ir.easyhotel.com

easyHotel is the owner, developer, operator and franchisor of branded hotels. Its strategy is to target the super budget segment of the hotel industry by marketing "clean, comfortable and safe" hotel rooms to its customers.

Operating hotels

easyHotel's seven owned hotels currently comprise 702 rooms, and it has a further 19 franchised hotels with 1,641 rooms.

Owned hotels:

Old Street (London), Glasgow, Croydon, Birmingham, Manchester, Liverpool, Newcastle*.

Franchise locations:

Belgium (Brussels), Bulgaria (Sofia), Germany (Berlin, Frankfurt), Hungary (Budapest), The Netherlands (Amsterdam: City, Arena & Zaandam, Rotterdam, The Hague), Switzerland (Basel, Zurich), UAE (Dubai), United Kingdom (Edinburgh, London Heathrow, Central London, Luton).

Hotel development pipeline

The Company's committed development pipeline of owned and franchised hotels currently consists of:

Owned hotels:

United Kingdom (Ipswich, Sheffield, Leeds), Spain (Barcelona). Subject to planning consent: United Kingdom (Milton Keynes, Cardiff, Oxford* and Cambridge*).

Franchise hotels:

UAE (Dubai), Germany (Bernkastel-Kues), Portugal (Lisbon), Turkey (Istanbul), UK (Belfast, Reading), Iran, Sri Lanka, Netherlands (The Hague Scheveningen Beach, Maastricht).

*Hotels under an operating lease.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
AGREANDNFFKPEFF
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


easyHotel secures lease for hotel in Cambridge - RNS