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EasyHotel has acquired a property in Milton Keynes for £8.7m which it plans to convert into a 124-bedroom hotel.
The budget hotel brand, has taken a 125-year leasehold of part of Norfolk House on Silbury Boulevard, with the development having already received planning permission.
The new hotel is expected to open in mid 2019 and will take EasyHotel’s owned hotel pipeline to 941 rooms.
The company has further hotels already in construction in Barcelona, Leeds, Sheffield and Ipswich and the 517 rooms should all open in the summer of 2018.
Guy Parsons, CEO of EasyHotel, said: “We are delighted to have secured this site in Milton Keynes. Now in its 50th year, the town is home to many international business, has the third highest business start-up rate of any UK city and boasts an impressive range of shopping and leisure facilities.
“This acquisition is part of our ongoing strategy of offering comfortable, affordable accommodation in key tourist and business locations in the UK and internationally, and this completes the deployment of funds from our 2016 equity fundraising and bank loan.
“We continue to see a good number of attractive potential development opportunities, both in the UK and Europe to further accelerate the group’s growth. These are both larger and more numerous than we had originally anticipated.
“Consequently, the board is considering its finance options, which may include new equity and debt, to fund more hotels.”
