EasyHotel buys long leasehold site in Sheffield city centre

(ShareCast News) - EasyHotel has conditionally acquired the 999-year leasehold of part of the building at 57-65 High Street in the heart of Sheffield's city centre for the development of a new hotel, subject to planning permission.The building, previously occupied by Primark, is to be developed into a mixed-use property. EasyHotel is acquiring the long leasehold for part of the ground and first floors and all of the second and third floors of the building, with the intention of converting these into a 131-room easyHotel, which, subject to planning consent, should open in 2018. The total cost of the purchase and conversion of the building will be around £6m.Chief executive Guy Parsons said: "We are delighted to be investing in Sheffield, a key northern powerhouse city which has received significant inward investment. Sheffield is the fourth largest city in England, a major centre of engineering and creative & digital technologies, home to sport venues such as the Hillsborough stadium and The Crucible and has two major universities. "Attracting nine million visitors per year, the dynamics of the city make it very attractive location for a new easyHotel, which will be ideally situated to service both business and leisure visitors."At 1150 GMT, the shares were up 1.8% to 94.15p