EasyHotel ‘considering funding options’
Budget hotel owner and operator easyHotel has reported trading for the six months up to the end of March was ‘slightly’ above expectations.
It said revenue from the hotels it owns was up 8% compared with the same period of the previous year.
The trading of its franchise hotels, its central overheads and pre-opening costs were ‘in line with the Board’s expectations’, it said.
In the UK, ae new development in Liverpool is expected to open by January 2017 and in Manchester by April 2017.
The acquisitions in Birmingham and Ipswich announced in January 2016 remain subject to planning permission, with the hotels anticipated to open by March and June 2017 respectively, said easyHotel.
It expects to open its first owned hotel outside the UK in Barcelona in early 2018, subject to planning consent.
"As the Board continues to review a number of potential acquisitions against its strict criteria, it is considering its funding options to take full advantage of these opportunities," said easyJet in its trading upudate released today.
Sites under review include a range of office conversions, greenfield development sites and the conversion of existing hotel businesses, it said.
The Company’s Benelux franchisee is expected to open easyHotel Amsterdam and easyHotel Brussels by early 2017, and in the Middle East easyHotel’s recently appointed development partner is continuing to progress towards its target of 600 rooms in the UAE and Oman by December 2017, having received planning permission for the first 300-room hotel at Bur Dubai.
Commenting on today’s announcement, CEO Guy Parsons said:
"We are very pleased to report that during the first half of the financial year our operational initiatives and strategic focus have had a positive impact, earlier than originally anticipated, on our trading performance and expansion of our development pipeline.
"There remains further scope to improve our revenue. With the right management team in place we can now expand our owned and franchised network in line with our exciting business plan."
The company will announce its interim results for the six months up to the end of March on May 24.
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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