EasyHotel acquires £8.7m Milton Keynes site
EasyHotel has acquired a property in Milton Keynes for £8.7m which it plans to convert into a 124-bedroom hotel.
It has taken a 125-year leasehold of part of Norfolk House on Silbury Boulevard and planning permission for the conversion has been secured.
The new acquisition will take EasyHotel's owned hotel pipeline to 941 rooms.
Following the opening on its Newcastle hotel in December, EasyHotel owns seven hotels comprising 702 rooms, and it has a further 19 franchised hotels with 1,641 rooms.
Construction of hotels in Barcelona, Leeds, Sheffield and Ipswich has begun, which should all open in the summer.
EasyHotel chief executive Guy Parsons said: "We are delighted to have secured this site in Milton Keynes. Now in its 50th year, the town is home to many international business, has the third highest business start-up rate of any UK city and boasts an impressive range of shopping and leisure facilities.
"This acquisition is part of our ongoing strategy of offering comfortable, affordable accommodation in key tourist and business locations in the UK and internationally, and this completes the deployment of funds from our 2016 equity fundraising and bank loan.
"We continue to see a good number of attractive potential development opportunities, both in the UK and Europe to further accelerate the group's growth. These are both larger and more numerous than we had originally anticipated. Consequently, the board is considering its finance options, which may include new equity and debt, to fund more hotels."
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