easyHotel PLC Acquisition and Franchise Development Update (2605X)

TIDMEZH

RNS Number : 2605X

easyHotel PLC

09 August 2018

9 August 2018

easyHotel plc

easyHotel plc

("easyHotel", the "Group" or the "Company")

Cardiff Acquisition and Franchise Development Pipeline Update

easyHotel plc, the owner, developer and operator of "super budget" branded hotels, is pleased to confirm the completion on the acquisition of Cardiff, following the grant of planning permission and announces a further 174 rooms (five hotels) under development by its Swiss franchisee.

The Group announced on 30 October 2017 the acquisition of a freehold site in Cardiff. Planning permission for a 120-bedroom hotel has now been granted. Development work for the new purpose-built site, which is located at Fitzalan Place, just 0.3 miles from Cardiff Queen Street Station will now begin and the hotel is anticipated to open in the 2019/20 financial year.

The Group also confirms that it has signed an agreement for the development of a further 174 rooms in Switzerland with four hotels to be developed in Zurich and a further hotel in Basel. The hotels are being developed by the Group's Swiss franchisee and are anticipated to open over the course of the next 14 months.

easyHotel Belfast will open on 10(th) August, taking the total number of hotels in the Group's portfolio to 29. With the addition of the new hotels in Switzerland, the Group's development pipeline currently includes 1,280 owned/lease rooms and a further 1,956 franchise rooms now under development.

Notes to Editors:

Enquiries:

 
 easyHotel plc 
 Guy Parsons, Chief Executive         www.easyhotel.com 
  Officer 
 Marc Vieilledent, Chief Financial    http://ir.easyhotel.com 
  Officer 
 
 Investec (Nominated Adviser 
  and Broker)                         [phone] 
 David Anderson 
 Houston PR (Financial PR)            [phone] 
 Kate Hoare / Hamish Thompson 
 

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 21 franchised hotels with 1,803 rooms.

Owned hotels:

United Kingdom: Old Street (London), Glasgow, Croydon, Birmingham, Manchester, Liverpool, Newcastle*.

Franchise locations:

United Kingdom: Edinburgh, London Heathrow, Central London, Luton.

Europe: Belgium (Brussels), Bulgaria (Sofia), Germany (Berlin, Frankfurt), Hungary (Budapest), The Netherlands (Amsterdam: City, Arena & Zaandam, Rotterdam, The Hague, The Hague Scheveningen Beach, Maastricht), Switzerland (Basel, Zurich).

International: UAE (Dubai).

Hotel development pipeline

The Company's committed development pipeline of owned and franchised hotels currently consists of:

Owned hotels:

United Kingdom: Ipswich, Sheffield, Leeds, Milton Keynes, Chester, Cardiff. Subject to planning consent: Oxford*, Cambridge*.

Europe: Spain (Barcelona), Ireland (Dublin).

Franchise hotels:

United Kingdom: UK (Belfast, Reading).

Europe: Germany (Bernkastel-Kues), Portugal (Lisbon), Spain (Malaga), Switzerland (Zurich, Basel)

International: Iran, Sri Lanka, Turkey (Istanbul), UAE (Dubai).

*Hotels under an operating lease.

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August 09, 2018 02:00 ET (06:00 GMT)