EasyHotel raises ?11m in subscription to fund expansion

(Sharecast News) - EasyHotel said on Friday that it has raised ?11m in a share subscription to fund its owned-hotel roll-out strategy.
The company raised the money through the subscription and issue of 11.6m shares at 95p each by major shareholder Citrus Holdco. This is a 35.7% premium to the closing mid-market price of 70p on Thursday.

Last month, the company announced the acquisition of a freehold site in Madrid and said it planned to develop a 230-bedroom easyHotel.

Interim chief executive officer Scott Christie said: "Our recently announced investment in Spain marks the latest step in our strategy to expand our owned hotel network across centrally located, high quality sites in major European cities.

"The group continues to make good progress towards securing sites in its target destinations and we look forward to announcing further developments in due course."

At 1315 GMT, the shares were up 7.1% at 75.00p.