EasyHotel secures lease to develop 100-room ‘super budget' venue

EasyHotel has secured a 25-year lease on a site in the centre of Cambridge, where it plans to develop a new 100-room site.

 

The new hotel is expected to open next year, although the agreement is subject to planning permission.

 

It will be located on Newmarket Road, less than a mile from the city centre.

 

It will be easyHotel's third leased site, and the hotel will be let on a 25-year fully repairing and insuring lease at an annual rent of around £625,000.

 

The hotel will be developed by MP Merchant, in line with easyHotel's specifications.

 

EasyHotel chief executive Guy Parsons said: "Having recently completed a successful fundraising to fund the acceleration of our owned hotel portfolio, this announcement is a clear signal of our intent and ambition to expand our development pipeline, targeting popular business and leisure city centre locations.

 

"The Cambridge site takes easyHotel's pipeline of owned/leased development projects to 1,041 rooms, adding one of the UK's most thriving and popular cities to our network."

 

The company currently has seven owned hotels and 19 franchised hotels.

 

Its owned hotels are all in UK locations including Old Street in London, Glasgow, Croydon, Birmingham, Manchester, Liverpool and Newcastle.

 

Most of its franchised hotels are found outside of the UK in cities including Berlin, Frankfurt, Amsterdam and Brussels.

 

EasyHotel acquires £8.7m Milton Keynes site >>

 

EasyHotel's expansion boosts revenue but dents profit >>

 

EasyHotel to take over Newcastle's Tune Hotel >>

 

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