EasyHotel acquires Birmingham hotel for £4.5m
‘Super budget' brand EasyHotel has acquired another hotel, this time in Birmingham, for £4.5m.
The news comes as the brand builds its portfolio of hotels at home and abroad.
The company announced this morning that it had conditionally acquired the 125-year leasehold of 81-91 John Bright Street in Birmingham. The purchase of the property is subject to EasyHotel obtaining planning consent for a hotel.
The group plans to convert the building into an 84-room EasyHotel, which is expected to open in 2017. The total cost of £4.5m includes the purchase and conversion of the building.
Chief executive Guy Parsons said: "We see significant opportunity for EasyHotel to service business customers and leisure visitors to Birmingham's lively events programmes and look forward to building our brand presence in the city.
"In line with the strategy, the current financial year to date has seen an acceleration in both the owned and franchised hotel development pipelines as the company continues to establish itself as the leading branded super budget chain."
Earlier this month, EasyHotel revealed it had acquired a hotel in Ipswich, and unveiled plans for its first hotel outside the UK, in Barcelona. The 200-bedroom development is expected to open in 2018.
In a trading update, also released today, it said it had planning permission for a 77-room owned hotel at 47 Castle Street in Liverpool and for a 116-room hotel at Bradley House in Manchester. Both freehold properties are now owned and the hotels are expected to open in 2016/2017 financial year.
EasyHotel has also signed a master development partnership with MAN Investments for the development of EasyHotels in the UAE and Oman, with an initial target of 600 rooms by 2017. Following these openings, MAN Investments is targeting at least 1,600 rooms by the end of 2020.
Meanwhile, EasyHotel's Benelux franchisee has secured financing for the development of a 107-room EasyHotel in Brussels, Belgium, which is expected to open by early 2017.
EasyHotel to expand beyond UK with Barcelona hotel >>
EasyHotel to acquire Ipswich property >>
