easyHotel raises £11 million to expand in Europe market
03/09/2020|8:19:15 PM|HM

easyHotel PLC on Friday said it has raised GBP11 million to fund the company's hotel roll-out strategy.

Last month the group said that it would focus on France and Spain as part of its “ambitious strategy” for growth.

Scott Christie, the interim CEO, said: “Our recently-announced investment in Spain marks the latest step in our strategy to expand our owned hotel network across centrally located, high-quality sites in major European cities. The group continues to make good progress towards securing sites in its target destinations and we look forward to announcing further developments in due course.”

Like-for-like owned hotels RevPAR was up 4.6% for the year to 30 September, while like-for-like franchised hotels RevPAR was down 1.7%, but with improved performance during the second half of the year after the first-half decline of 3.5%.

Six new owned and franchised hotels opened during the year, totaling 607 rooms. The first owned hotel development site was secured in Paris with a second site, easyHotel Nice, acquired and opened post-financial year-end. The company said that it had 2,006 rooms are currently in the development pipeline, including an owned hotel investment pipeline of some £40m.

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