(Alliance News) - easyHotel PLC on Thursday said it has acquired a freehold site in Madrid, Spain, where it plans to develop a 230-bedroom hotel.
The budget hotels operator said the new premises will be its second owned hotel in Spain, as it seeks to expand in major European cities.
The company said it will develop the site for the purpose-built easyHotel which is expected to open in the 2021/22 financial year. The total cost of acquisition and construction is expected to be in the region of EUR28 million.
"Madrid is an iconic destination with numerous attractions for both tourist and business travellers, and we are confident our super budget offering will resonate with visitors keen to experience Spain's capital," said Interim Chief Executive Scott Christie.
"The group continues to make good progress towards securing sites in its target destinations and we look forward to announcing further developments in due course," added Christie.
The AIM-listed stock was untraded in London on Thursday, last closing at 91.00 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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