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EasyHotel, the owner, developer and operator of branded hotels, has confirmed the completion on the acquisition of its Milton Keynes site as well as a purchase of a site in Chester.
The Group announced on 26 January 2018 the acquisition of a £8.7m 125-year leasehold site in Milton Keynes.
Planning permission for a 124-bedroom hotel has now been granted and the conversion works for the central site, which forms part of Norfolk House on Silbury Boulevard, has begun. The hotel is expected to open in 2019.
In January Guy Parsons, CEO of EasyHotel, said of the acquisition: “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.”
The group also announced the acquisition of a 109-bedroom hotel in Chester. The hotel is being delivered to EasyHotel as a turnkey development, and the acquisition of the site represents the first stage of the hotel development which should also open in 2019.
