TIDMEZH
RNS Number : 9860C
easyHotel PLC
26 January 2018
26 January 2018
easyHotel plc
easyHotel plc
("easyHotel", "the Group" or "the Company")
Acquisition of property in Milton Keynes for new easyHotel
Committed owned hotel pipeline increased to 941 rooms
easyHotel Milton Keynes
easyHotel plc, the owner, developer and operator of super budget
branded hotels, today announces that it has conditionally acquired
a 125-year leasehold of part of Norfolk House on Silbury Boulevard,
a central site in Milton Keynes. The development has already
received planning permission and the acquisition will be completed
subject to planning being finalised at the end of the judicial
review period.
Norfolk House is centrally located in the town centre, just 200m
from the main shopping centre and just 0.3 miles from The Hub
Milton Keynes, a major leisure scheme. The Group intends to convert
its part of the building into a 124-bedroom hotel, which is
expected to open by mid-2019 at a total cost of approximately
GBP8.7 million.
Milton Keynes is the largest of the "New Towns" built in the UK
and celebrates its 50(th) anniversary this year. The town has been
developed into a hub for businesses and has strong rail and
motorway links as well as being in close proximity to Luton
International Airport. Major leisure destinations nearby include
Bletchley Park, Woburn Safari park, Gulliver's Theme Park, the
Milton Keynes bowl and Snozone, the UK's first indoor ski
centre.
Portfolio update - committed pipeline increased to 941 rooms
The Group opened its new hotel in Newcastle in December 2017 on
time and on budget. Whilst the hotel has only been open for a few
weeks the Board is pleased to see this hotel trading in line with
the strong performance of the hotels opened during the last
financial year.
Following the opening of its Newcastle hotel, the Group
currently owns seven hotels comprising 702 rooms, and it has a
further 19 franchised hotels with 1,641 rooms.
The Group has a committed pipeline of seven owned hotels
comprising 941 rooms. Construction of hotels in Barcelona, Leeds,
Sheffield and Ipswich has commenced and the 517 rooms should all
open in the summer of 2018.
The planned hotel openings during the current financial year
ending 30 September 2018 and beyond are expected to make a
significant contribution to system sales, revenue and adjusted
EBITDA going forward.
Commenting, Guy Parsons, CEO of easyHotel plc said:
"We are delighted to have secured this site in Milton Keynes.
Now in its 50(th) year, the town is home to many international
business, has the third highest business start-up rate of any UK
city and boasts an impressive range of shopping and leisure
facilities.
"This acquisition is part of our ongoing strategy of offering
comfortable, affordable accommodation in key tourist and business
locations in the UK and internationally, and this completes the
deployment of funds from our 2016 equity fundraising and bank
loan.
"We continue to see a good number of attractive potential
development opportunities, both in the UK and Europe to further
accelerate the Group's growth. These are both larger and more
numerous than we had originally anticipated. Consequently, the
Board is considering its finance options, which may include new
equity and debt, to fund more hotels."
Enquiries:
easyHotel plc
Guy Parsons, Chief Executive www.easyhotel.com
Officer
Marc Vieilledent, Chief http://ir.easyhotel.com
Financial Officer
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 (Cardiff, Milton Keynes
and Oxford*).
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
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