EZH.L Share News (EZH)

(ShareCast News) - Budget chain easyHotel said it had sold part of a building in Liverpool under a 125-year leasehold agreement for £0.6m.The space, which is currently a restaurant operated by a third party, comprises the ground floor of the building and portions of the basement used by the restaurant operator, and has been sold to Rocket and Ruby Properties LLP, owners of the restaurant, easyHotel said.easyHotel bought the freehold of the six storey office building in April 2015 for £1.3m. Planning permission has been granted to convert the upper floors into a 79-room easyHotel, with an entrance on the main street and the hotel reception located on the first floor. Refurbishment works have commenced and the hotel is expected to open by January 2017.Chief executive Guy Parsons said easyHotel's strategy was focused on the ownership of high quality hotel assets and the 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".