LONDON (Alliance News) - easyHotel PLC on Thursday said trading is in line with the board's expectations as it revealed it has bought a property in Birmingham.
The budget hotel operator said it has continued to make good progress in building its owned and franchise development pipeline, with the latest acquisition being a property at 81-91 John Bright Street in Birmingham.
easyHotel plans to convert the building into an 84-room easyHotel, expected to open in 2017. The total cost of the purchase and conversion of the building will be around GBP4.5 million.
"We are delighted to be investing in the UK's second largest city. Along with its six universities and internationally reputed arts scene, Birmingham is also the UK's fourth largest tourist destination, with 34 million visitors in 2014. We see significant opportunity for easyHotel to service business customers and leisure visitors to Birmingham's lively events programmes and look forward to building our brand presence in the city," Chief Executive Guy Parsons said in a statement, ahead of the company's annual general meeting on Thursday.
Shares in easyHotel were trading up 0.9% at 88.80 pence on Thursday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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