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EZH Easyhotel Plc

76.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Easyhotel Plc LSE:EZH London Ordinary Share GB00BN56KF84 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 76.00 70.00 82.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

easyHotel PLC Acquisition of property in Milton Keynes (9860C)

26/01/2018 7:00am

UK Regulatory


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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

ACQSELFAIFASEDF

(END) Dow Jones Newswires

January 26, 2018 02:00 ET (07:00 GMT)

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