LONDON (Alliance News) - easyHotel PLC on Tuesday said it has bought the 999-year leasehold of part of a building in Sheffield, where it plans to develop a new easyHotel.
The budget hotels operator said the building, located at 57-65 High Street in Sheffield, was previously occupied by a Primark store and is to be developed into a mixed-use property. easyHotel said its acquisition is subject to obtaining planning permission.
The leasehold easyHotel has conditionally bought is for part of the ground and first floors of the property and all of the second and third floors. easyHotel said it plans to turn this into a 131-room easyHotel that it will open in 2018.
The total cost of the purchase and conversion of the building will be around GBP6.0 million, the company said.
"Attracting nine million visitors per year, the dynamics of the city make it very attractive location for a new easyHotel, which will be ideally situated to service both business and leisure visitors," said Chief Executive Guy Parsons.
"I am pleased that we have delivered our first investment as set out in our development strategy announced in September, which we remain on track to deliver," Parsons added.
Shares in easyHotel were untraded on Tuesday, having last traded at 94.15 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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