LONDON (Alliance News) - EasyHotel PLC Thursday said it has bought a freehold office and restaurant in Liverpool, which it intends to convert into a hotel, for around GBP3 million including conversion costs.
The property, located at 47 Castle Street, is a three minute walk from the Liverpool One shopping area and Cavern Club tourist attraction, a 10-minute walk from Liverpool's main railway station, and is also "conveniently placed" for visitors to Albert Dock, easyHotel said.
The group plans to convert the four upper floors of the building into a 68-bedroom easyHotel, while the ground floor will remain as a restaurant operated by a third party.
The hotel is expected to open in Spring 2016.
"This acquisition in the centre of Liverpool is fully in line with our strategy to expand our owned hotel portfolio into targeted major UK cities. It provides us with the opportunity to create a centrally located hotel for leisure and business customers looking for good quality accommodation at an affordable price," Chief Executive Simon Champion said in a statement.
"Liverpool has substantial inbound tourism, with over half a million visitors per annum, aided by recent inward investment and one of the UK's busiest airports. This combined with domestic demand means it is an attractive location for an easyHotel," he added.
Shares in easyHotel were trading up 3.7% at 84.50 pence Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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