LONDON (Alliance News) - easyHotel PLC on Monday said it bought a site in Bristol, England, to develop a 145-bedroom freehold hotel, subject to planning permission.
The budget hotel developer said the site is located on West Street opposite the Cabot Circus shopping centre and is close to Bristol city centre.
The company will develop the site for the purpose-built easyHotel which is expected to open in 2020. The total forecast cost of acquisition and construction is GBP12 million.
"Our investment in Bristol, the fifth since our fundraising in March marks the latest addition to our fast-growing portfolio of comfortable, stylish and highly affordable hotels in key tourist and business locations," said Chief Executive Guy Parsons.
easyHotel also said it has secured planning permission for developing a new 180-room hotel in Oxford, England.
The hotel is being developed as part of a mixed-use redevelopment which will include residential and retail space, while the new purpose-built easyHotel will occupy the upper floors of the building. This is expected to open in the second half of the 2020.
"The group is also pleased to confirm that planning approval for the new easyHotel Oxford has been granted. Construction work is anticipated to start in the new year," said Parsons.
"The group continues to review a large number of investment opportunities in both the UK and Europe and we look forward to announcing further developments in due course," Parsons added.
easyHotel shares were trading 1.6% lower on Monday at 93.00 pence each.