Budget hotel group EasyHotel has signed a 25-year lease for the development of a new hotel in Oxford.
The 180-bedroom hotel, which is dependent on planning permission, will be located in Oxford’s Summertown two miles outside of the city centre.
It will form part of a mixed use development, taking up the first and second floors of the property. The hotel is due to open in late 2019.
EasyHotel said that high land costs and lack of suitable sites have man that only 200 new budget hotel rooms have opened in Oxford in the past five years.
This hotel has been let on a 25-year lease at an annual rent of £1.2m.
EasyHotel chief executive Guy Parsons said: “Oxford is a premier business and tourist destination with over seven million visitors per year. The city has been on our target list for some time and we are pleased to have agreed terms on this new hotel, which will be the closest branded budget and super budget hotel to the city centre.”
The hotel will be developed by 4Urban Consulting through its investment vehicle GHSR LLP.
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