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easyHotel adds 300 rooms in Turkey despite low tourist demand

Wed, 27th Jul 2016 15:55

(ShareCast News) - Budget hotelier easyHotel added a further 300 rooms in its Turkey development despite low tourist demand, while also expanding in Portugal. EasyHotel signed a master development agreement with Kolay, a wholly owned subsidiary of construction and tourism company TOYA, to develop easyHotel in Istanbul, Turkey.TOYA has a portfolio of over 4m square metres of land to develop multiple residential, mixed-use and commercial projects throughout Turkey. Its Kolay subsidiary is expected to open 50 rooms by the end of 2017, and a further 150 rooms by the end 2018. A total of 300 rooms are expected to open by the end of 2019.According to the Turkey's ministry of culture and tourism, the number of tourist arrivals in the country fell by 34.7% year-on-year to 2.48m in May, which was the biggest drop in 22 years, due to security concerns.After July's coup attempt in Turkey, the tourist industry felt a decline in stocks as investors fled from companies linked to tourism. Immediately after shares in Turkish Airlines fell 9% and TAV Havalimanlari, an airport operator, fell 11.8%.The company is also developing a franchise hotel in Lisbon, Portugal with Sedprop Investments, which would add a further 101 rooms by the end of 2017.In Portugal overnight stays by non-residents was up 10.7% in May from the year earlier. Tourism accounts for about 10% of Portugal's gross domestic product.The Istanbul and Lisbon agreements bring the total number of rooms under development by easyHotel franchises to 1,138.Chief executive Guy Parsons said in a statement: "We are delighted to be working with new partners who have local expertise, know-how and property assets in these new markets for easyHotel."We continue to see significant opportunity to expand our franchise hotels network in these and other target markets, enabling us to leverage our brand awareness without direct capital investment."Shares in easyHotel were down 3.85% to 75p at 1640 BST.

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29 Oct 2018 11:04

easyHotel Buys Site In Bristol, Secures Planning Permission In Oxford

LONDON (Alliance News) - easyHotel PLC on Monday said it bought a site in Bristol, England, to develop a 145-bedroom freehold hotel, subject to planning permission.The budget hotel said the

8 Oct 2018 08:57

EasyHotel targets continental expansion as sales and revenue grow

(Sharecast News) - After an "excellent" performance from newly opened hotels, EasyHotel reported improved room revenue and sales for the year ended 30 September on Monday.

1 Oct 2018 16:04

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24 Sep 2018 13:26

EasyHotel opens five new sites, agrees to buy Blackpool site

(Sharecast News) - EasyHotel announced on Monday that it has opened five new sites and conditionally acquired a 999-year lease on a site in Blackpool.

10 Sep 2018 17:44

DIRECTOR DEALINGS: EasyHotel Non-Exec Chairman Lane's Wife Buys Shares

LONDON (Alliance News) - easyHotel on Monday said Kerry Lane, a person closely associated with Non-Executive Chairman Jonathan Lane, purchased shares in the company.Lane bought 50,000 at a

13 Aug 2018 09:22

EasyHotel makes Gary Burton CFO as Vieilledent becomes development director

(Sharecast News) - EasyHotel said on Monday that Gary Burton will become chief financial officer with effect from 29 October, as current CFO Marc Vieilledent steps into the role of group development director.

9 Aug 2018 11:26

Planning Permission Granted For easyHotel's Cardiff Development

LONDON (Alliance News) - Budget hotel developer easyHotel PLC said Thursday it has been given planning permission to build a 120-bedroom hotel at its freehold site in Cardiff.The company of

16 May 2018 16:29

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23 Jan 2017 09:53

easyHotel Trading In Line With UK, Europe Hotel Market Improvement

23 Jan 2017 07:56

EasyHotel in line with expectations with a pipeline of new hotels

(ShareCast News) - EasyHotel is trading in line with expectations as the market improved in the last two months of 2016, while the budget hotel operator plans to open further hotels during 2017. The AIM-listed company said for the year ended 30 September the company had made "good progress" and is i

3 Jan 2017 17:39

DIRECTOR DEALINGS: easyHotel Chief Executive Parsons Buys Shares

20 Dec 2016 12:07

easyHotel Buys Leasehold For Sheffield Site To Develop New Hotel

20 Dec 2016 11:48

EasyHotel buys long leasehold site in Sheffield city centre

(ShareCast News) - EasyHotel has conditionally acquired the 999-year leasehold of part of the building at 57-65 High Street in the heart of Sheffield's city centre for the development of a new hotel, subject to planning permission. The building, previously occupied by Primark, is to be developed int

29 Nov 2016 09:22

EasyHotel profit and revenue rise in full year

(ShareCast News) - EasyHotel posted a jump in full-year profit and revenue for the year to the end of September, as it accelerates its development pipeline, with 1,527 rooms now in development. Pre-tax profit rose 38.4% to £1.09m on total revenue of £6.02m, up 8.7% from the year before. Total syste

22 Nov 2016 16:20

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