LONDON (Alliance News) - Budget hotel operator easyHotel PLC on Tuesday said it has signed a master development partnership with MAN Investments LLC to start developing hotels in the Middle East.
MAN, a United Arab Emirates-based investment group, will focus the new developments on the UAE and Oman, and the new hotels are expected to comprise new purpose-built assets as well as conversions from existing hotels or office buildings.
MAN is targeting an initial opening of 600 rooms by 2017, with this to grow to at least 1,600 rooms by the end of 2020.
"We expect the partnership to drive rapid growth for the easyHotel brand in the Middle East that should deliver further shareholder value. The partnership will greatly improve brand awareness in the Middle East, giving us a platform to consider further opportunities in the region," said easyHotel Chief Executive Guy Parsons.
Shares in easyHotel were up 4.5% on Tuesday to 69.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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