LONDON (Alliance News) - Budget hotel operator easyHotel PLC on Tuesday said it has disposed of the A3 space at 47 Castle Street in Liverpool under a 125-year leasehold agreement for GBP600,000.
The space, which is currently a restaurant operated by a third-party, comprises the ground floor of the building and portions of the basement. It has been sold to Rocket & Ruby Properties LLP, which owns the restaurant.
easyHotel acquired the freehold of the six-storey office building in April last year for GBP1.3 million. Refurbishment works to convert the upper floors into a 79-room hotel have commenced and it is expected to open by January 2017.
"Our strategy is focused on the ownership of high quality hotel assets and this transaction enables us to recycle capital through the disposal of surplus assets, the proceeds of which can be re-invested in future owned hotel projects in order to maximise shareholder returns," Chief Executive Guy Parsons said in a statement.
Shares in easyHotel were untraded on early on Tuesday, last quoted at 84.00 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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