(Sharecast News) - Super budget hotel developer and operator easyHotel updated the market on its developments on Wednesday, reporting that at its owned hotel at Paris Charles de Gaulle Airport in France, planning permission for the 209-room property had now been granted.
The AIM-traded company said it had secured an operating lease agreement with airport management company Groupe ADP, with the hotel to be let on a 24-year fully repairing and insuring lease at an annual rent of approximately €1.1m.
It said the site was being developed by Linkcity Ile de France - a subsidiary of Bouygues Construction - and construction works would now begin "imminently", with the new hotel expected to open during the 2021 financial year.
Looking at its franchised hotel development pipeline, in Derby the company confirmed that it had signed a franchise agreement with Ushba for the development of a new 110-room hotel.
Located close to the city centre and main transport hubs of the city, the hotel was expected to open in 2021.
In Tel Aviv, Israel, easyHotel said it had signed a 20-year exclusive franchise agreement with R&N Services to support the brand's development in the city.
The agreement included the development of three initial hotels in prime locations across Tel Aviv, totalling 667 rooms.
It added that the hotels were expected to open by late 2022.
"I am pleased to report further progress against our strategy as we continue to expand our network of super budget hotels in city-centre locations, both in the UK and across international markets," said chief executive officer Guy Parsons.
"The board believes that the current economic uncertainties will continue to present attractive investment opportunities for the brand and we look forward to announcing further updates in due course."
10 Nov 2015 09:59