In a trading update for the six months ending March 31, 2018, the budget hotel group said it had generated system sales of £16.1 million, giving it growth that far outweighed the 13.5% increase in like-for-like revenue generated by other franchised hotels
The group said the performance was largely thanks the hotel group’s new booking engine and yield management systems, the brand’s growing strength and its continued expansion in both the UK and Europe, giving it 2,430 rooms across 27 hotels in 18 cities.
It also used the release of the results to announce the acquisition of a central site in Chester where it hopes to build a 109-room property, subject to planning permission.
Today easyHotel announces that it has agreed to acquire the freehold of a central site in the historical city of Chester for the development of a new-build 109-bedroom hotel. The acquisition is subject to planning permission.
EasyHotel chief executive Guy Parsons said: "easyHotel has traded strongly over the first half of the financial year, outperforming the wider market in both our owned and franchised hotels.
"We are mindful that consumers in the UK will continue to be cautious, given the wider macro-economic and political uncertainty, but believe our super budget offer positions us well, as consumers become increasingly discerning and value conscious.
"We continue to make good progress with our growth strategy. The Chester transaction marks our second investment following the successful fundraising announced in February 2018, taking easyHotel’s pipeline of owned and leased development projects to 1,150 rooms, in addition to the 1,857 franchise rooms currently under development.
"The proceeds from our successful fundraising will enable us to accelerate our growth and take advantage of the significant opportunities within our markets, creating shareholder value and underpinning the long-term growth of the easyHotel brand."
