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EasyHotel has announced plans to increase its portfolio with the acquisition of a property in Birmingham.
The super-budget hotel brand has conditionally acquired the 125 year leasehold of 81-91 John Bright Street in Birmingham, which it intends to convert into an 84-bedroom hotel – subject to planning approval.
The total cost of the hotel, which is located near Birmingham New Street Station and the Bullring shopping centre, will be around £4.5m with the property expected to open in 2017.
Guy Parsons, CEO, said: “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.”
The news came as part of the company’s trading update in which it said trading, for both its owned and franchised hotels, was in line with the board’s expectations. It added that “good progress” had also been made in building its owned and franchised properties.
Earlier this month EasyHotel reported that it acquired a property in Ipswich which it plans to turn into a £4m hotel.
