easyHotel PLC Acquisition of long leasehold site in Leeds (6505S)

TIDMEZH

RNS Number : 6505S

easyHotel PLC

22 December 2016

22 December 2016

easyHotel plc

("easyHotel", the "Group")

Acquisition of long leasehold site in Leeds for a new easyHotel

easyHotel, the owner, developer, operator and franchisor of "super budget" branded hotels, announces that it has conditionally acquired the 250-year leasehold of 14 - 22 Lands Lane in Leeds for development of a new easyHotel. The purchase of the property is subject to obtaining planning permission.

The property is centrally positioned within the pedestrianised area of Leeds city centre, equidistant from the City's main shopping centres The Victoria Quarter, The Light scheme and Trinity shopping centre. Leeds railway station, the third busiest in the UK (outside of London), is located just 500 metres from the proposed hotel. The building was originally The Scala Theatre constructed in 1922.

The Group plans to convert the building into a 94-room easyHotel, which is expected to open in 2018. Total cost of the purchase and conversion of the building will be approximately GBP5.0 million.

Guy Parsons, Chief Executive Officer, commented:

"We are delighted to announce our second development project in line with our development strategy announced in September.

"Leeds, a northern powerhouse city, is already a major regional employment hub which will be further supplemented by the significant planned developments for the city, including the redevelopment of the former Tetley Brewery, Leeds Dock shopping area and HS2. Leeds is the eighth most visited City in the UK, attracting 25 million people each year with major visitor attractions including the First Direct Arena, 02 Academy, Leeds United stadium at Elland Road and Headingley Stadium, home to the City's rugby league team and Yorkshire County Cricket Club."

Enquiries:

 
 easyHotel plc                    www.easyhotel.com 
 Guy Parsons, Chief Executive 
  Officer 
 Marc Vieilledent, Chief          http://ir.easyhotel.com 
  Financial Officer 
 
 
 Investec (Nominated 
  Adviser and Broker)             [phone] 
 Chris Treneman / David 
  Anderson 
 
 
 Hudson Sandler (Financial 
  PR)                             [phone] 
 Wendy Baker/ Emily Dillon 
 
 

Notes to Editors:

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 three owned hotels currently comprise 390 rooms, and it has a further 19 franchised hotels with 1,643 rooms.

Owned hotels:

Old Street (London), Glasgow, Croydon.

Franchise locations:

Belgium (Brussels), Bulgaria (Sofia), Germany (Berlin, Frankfurt), Hungary (Budapest), The Netherlands (Amsterdam, Amsterdam-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 (Liverpool, Manchester, Birmingham, Ipswich), Spain (Barcelona)

Subject to planning consent: United Kingdom (Sheffield)

Franchise hotels:

UAE (Dubai), Germany (Bernkastel-Kues), Portugal (Lisbon), Turkey (Istanbul), UK (Reading)

Website: www.easyHotel.com

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQBUBDDRDDBGLD

(END) Dow Jones Newswires

December 22, 2016 10:29 ET (15:29 GMT)