easyHotel announces multi-million pound fund-raising bid
The budget accommodation brand is attempting to raise £38 million to fund the roll-out of its owned hotels.
The company plans to place 38 million new ordinary shares at £1 each to raise the capital.
Its proposal will be put before shareholders at a general meeting to be held on October 14.
Chief executive Guy Parsons said easyHotel had ‘made significant progress’ in line with its strategy to speed up owned hotel development and accelerate the roll-out of franchise hotels.
"With more opportunities available than had been expected, and over 4,500 rooms committed or identified in the owned and franchise development pipeline, the proceeds of the Placing will primarily be used to fund the continuation of our owned hotel roll-out to deliver enhanced financial returns, whilst consolidating easyHotel’s position as a leader in the super budget hotel market in Europe and the Middle East." he said.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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