easyHotel PLC Development Update (3876F)

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RNS Number : 3876F

easyHotel PLC

29 October 2018

29 October 2018

easyHotel plc

easyHotel plc

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

easyHotel acquires Bristol freehold site for new 145-room hotel

and receives planning permission approval for 180-room Oxford hotel

easyHotel plc, the owner, developer and operator of "super budget" branded hotels, today announces that it has acquired a central freehold site in Bristol where it expects to develop a 145-bedroom freehold easyHotel, subject to planning permission.

Located on West Street opposite the Cabot Circus shopping centre, just 0.5 miles from Bristol Temple Meads station, the site is close to Bristol city centre with its excellent range of shops, restaurants and local attractions. Known for its shipping and trading heritage, the city's modern economy is built on the creative media, electronics, aerospace and financial services industries with the original city-centre docks having been redeveloped into a popular centre for heritage, leisure and culture. Bristol is home to two universities with the wider district boasting the 10(th) largest population in England.

The company will develop the site for the purpose-built easyHotel which, subject to planning consent, is expected to open in 2020. The total forecast cost of acquisition and construction will be approximately GBP12 million.

The Group is also pleased to confirm that planning permission has been granted for the development of its new purpose-built 180-room hotel in Oxford. The Group announced on 21 June 2017 that it had secured a 25-year lease for the hotel which will be located in Oxford's Summertown, a premium residential and shopping district less than two miles from Oxford city centre and only half a mile from Oxford's Ring Road. The hotel is being developed for the Group as part of a mixed-use redevelopment which will include residential and retail space as well as the new purpose-built easyHotel which will occupy the upper floors of the building and is expected to open in the second half of the 2020 calendar year.

Commenting, Guy Parsons, CEO of easyHotel plc, said:

"Our investment in Bristol, the fifth since our fundraising in March marks the latest addition to our fast-growing portfolio of comfortable, stylish and highly affordable hotels in key tourist and business locations. The Group is also pleased to confirm that planning approval for the new easyHotel Oxford has been granted. Construction work is anticipated to start in the New Year.

"The Group continues to review a large number of investment opportunities in both the UK and Europe and we look forward to announcing further developments in due course."

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 ten owned hotels currently comprise 1,130 rooms, and it has a further 24 franchised hotels with 2,039 rooms.

Owned hotels:

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

Spain: Barcelona

Franchise locations:

United Kingdom: Edinburgh, London Heathrow, Central London, Luton, Reading and Belfast.

Europe: Belgium (Brussels), Bulgaria (Sofia), Germany (Berlin, Frankfurt), Hungary (Budapest), The Netherlands (Amsterdam: City, Arena & Zaandam, Rotterdam, The Hague, The Hague Scheveningen Beach, Maastricht), Portugal (Lisbon), 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, Milton Keynes, Chester, Cardiff, Oxford*. Subject to planning consent: Cambridge*, Blackpool, Bristol

Europe: Ireland (Dublin).

Franchise hotels:

Europe: Germany (Bernkastel-Kues), Spain (Malaga), Switzerland (Zurich, Basel), Netherlands (Amsterdam Schiphol Airport).

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

*Hotels under an operating lease.

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October 29, 2018 03:00 ET (07:00 GMT)