CHE Group, operator and master franchisor of the Comfort, Sleep, Quality and Clarion hotel brands in Europe, is to raise more than £5m for development.
The money, raised by selling more than 14 million new shares to existing shareholders, will be used as follows:
- £1.7m to buy the leaseholds of six more Sleep Inn hotels
- £2.3m to add air conditioning to some 1,000 bedrooms at its Quality hotels
- £1m to upgrade the meeting and conference facilities at six Quality hotels
The company said like-for-like sales in the year to 31 December 2003 had been marginally ahead of the previous year, despite the impact of factors such as the Iraq war.
|Sleep Inn: on the expansion trail|