George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEZH.L Regulatory News (EZH)

  • There is currently no data for EZH

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Planning permission update for Old Street Hotel

30 Mar 2017 07:00

RNS Number : 9494A
easyHotel PLC
30 March 2017
 

 

 

 

30th March 2017

 

easyHotel plc("easyHotel")

 

Planning permission update for Old Street Hotel, London

easyHotel announces that its appeal against Islington Borough Council's refusal of retrospective planning permission relating to 78 of the 162 rooms at its Old Street Hotel (80 Old Street, London) has been unsuccessful.

This retrospective planning application was identified (and communicated) as a potential risk at the time of the Initial Public Offering (IPO) in June 2014 and was inherited by the current management team in 2015. This retrospective planning application relating to the additional 78 bedrooms was rejected by Islington Council in June 2016 and, since then, the Board has worked closely with Islington Borough Council to come to a beneficial solution for both parties, but has been unsuccessful as the Planning Inspectorate has upheld the Council's policy to protect office space in the borough.

The property was originally acquired by easyHotel prior to IPO, in June 2012, for £10 million as a 92 bedroom hotel. In March 2014 the hotel was extended to 162 bedrooms, without planning permission. The net book value of the property is £13 million and the Board is confident that the current realisable value of the building is significantly in excess of this.

In light of this outcome, easyHotel is now considering its options, including a sale or partial sale of the building to release capital to fund future higher yielding development projects. The Board is confident a full sale of the building should fund the development of at least 500 new rooms in the UK. A partial sale, which would entail the concentration of the hotel operations on the ground, first and second floors, with a sale of the upper floors, would finance the development of a further 170 rooms in the UK. Each option, if pursued, is likely to result in a short term adverse impact to earnings in the current financial year and during the period whilst the capital released is deployed in higher yielding assets.

Enquiries:

 

easyHotel plc

www.easyhotel.com

Guy Parsons, Chief Executive Officer

 

Marc Vieilledent, Chief Financial Officer

http://ir.easyhotel.com

 

 

 

 

Investec (Nominated Adviser and Broker)

+44 (0) 20 7597 4000

David Anderson

 

 

 

 

 

 

 

Hudson Sandler (Financial PR)

+44 (0) 20 7796 4133

Wendy Baker/ Emily Dillon

 

 

 

 

Notes to Editors:

 

easyHotel is the owner, developer, operator and franchisor of branded hotels. Its strategy is to target the "super budget" segment of the hotel industry by marketing "clean, comfortable and safe" hotel rooms to its customers.

 

Operating hotels

easyHotel's four owned hotels currently comprise 476 rooms, and it has a further 19 franchised hotels with 1,643 rooms. 

 

Owned hotels:

Old Street (London), Glasgow, Croydon, Birmingham

 

 

Franchise locations:

Belgium (Brussels), Bulgaria (Sofia), Germany (Berlin, Frankfurt), Hungary (Budapest), The Netherlands (Amsterdam, Amsterdam-Zaandam, Rotterdam, The Hague), Switzerland (Basel, Zurich), UAE (Dubai), United Kingdom (Edinburgh, London Heathrow, Central London, Luton).

 

Hotel development pipeline

The Company's committed development pipeline of owned and franchised hotels currently consists of:

 

Owned hotels:

United Kingdom (Liverpool, Manchester, Ipswich, Sheffield), Spain (Barcelona)

Subject to planning consent: United Kingdom (Leeds)

 

Franchise hotels:

UAE (Dubai), Germany (Bernkastel-Kues), Portugal (Lisbon), Turkey (Istanbul), UK (Belfast, Reading)

 

Website: www.easyHotel.com 

 

-ends-

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCJLMPTMBMTBIR
Date   Source Headline
18th May 202010:23 amRNSNotification and public disclosure of transactions
4th May 20203:17 pmRNSNotification and public disclosure of transactions
29th Apr 20207:00 amRNSChanges to stated post-offer intentions
28th Apr 20207:00 amRNSNotification and public disclosure of transactions
20th Apr 20207:00 amRNSCancellation from trading on AIM
17th Apr 20205:16 pmRNSNotification and public disclosure of transactions
31st Mar 202012:18 pmRNSHolding(s) in Company
25th Mar 202012:58 pmRNSResult of AGM
25th Mar 202010:53 amRNSeasyHotel Update re COVID-19
23rd Mar 20207:00 amRNSProposed Adjournment of GM and AGM
16th Mar 20203:05 pmRNSStatement re COVID-19
6th Mar 20207:00 amRNSSubscription to raise £11m
26th Feb 20203:49 pmRNSHolding(s) in Company
24th Feb 20205:54 pmRNSPosting of Annual Report, Accounts and AGM Notice
20th Feb 20207:00 amRNSDevelopment Update
20th Feb 20207:00 amRNSDevelopment Update
5th Feb 202012:04 pmRNSDirectorate Change
24th Jan 20207:32 amRNSFinal Results
7th Jan 202011:00 amRNSDirectorate Change
17th Dec 20193:34 pmRNSDirectorate Change
21st Nov 201910:45 amRNSDirectorate Change
24th Oct 20195:28 pmRNSCorrection - Development Update
23rd Oct 20197:00 amRNSDevelopment Update
18th Oct 20197:00 amRNSYear End Trading Update
2nd Oct 20191:34 pmRNSHolding(s) in Company
2nd Oct 20199:48 amRNSHolding(s) in Company
1st Oct 20196:29 pmRNSOffer Closed for Acceptance
30th Sep 20197:00 amRNSBoard Changes
27th Sep 20199:41 amRNSOffer Update
18th Sep 20197:00 amRNSOffer Update
17th Sep 20195:49 pmRNSOffer Update
17th Sep 20199:47 amRNSForm 8 (DD) - ICAMAP Investments S.a r.l
16th Sep 201911:43 amRNSForm 8 (DD) - ICAMAP Investments S.a r.l
13th Sep 201910:55 amRNSForm 8 (DD) - ICAMAP Investments S.a r.l
11th Sep 201910:12 amRNSForm 8 (DD) - ICAMAP Investments S.a r.l
9th Sep 201911:19 amRNSForm 8 (DD) - ICAMAP Investments S.a.r.l
9th Sep 20199:17 amRNSForm 8.5 (EPT/RI) - easyHotel plc - REPLACEMENT
6th Sep 201912:00 pmRNSForm 8.5 (EPT/RI) - easyHotel plc
5th Sep 201911:39 amRNSForm 8 (DD) - ICAMAP Investments S.a r.l
5th Sep 201911:37 amRNSForm 8 (DD) - easyHotel
4th Sep 20194:36 pmRNSForm 8 (DD) - easyHotel
4th Sep 201912:49 pmRNSForm 8 (DD) - ICAMAP Investments S.a r.l
3rd Sep 20194:38 pmRNSDirector/PDMR Shareholding
2nd Sep 201912:09 pmRNSForm 8.3 - easyHotel PLC
2nd Sep 201911:35 amRNSForm 8.3 - easyHotel Plc
2nd Sep 201910:56 amRNSForm 8.3 - easyHotel
29th Aug 20195:20 pmRNSeasyHotel - Sir Stelios buys another 60k shares
29th Aug 20191:17 pmRNSHolding(s) in Company
29th Aug 20191:12 pmRNSHolding(s) in Company
29th Aug 20191:10 pmRNSHolding(s) in Company

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.