The hotel operator and developer has acquired the 999-year leasehold for part of the property at 57-65 High Street.
The acquisition, which is subject to winning planning consent, comprises part of the ground and first floors and all of the second and third floors of the building, with the intention of converting these into a 131-room easyHotel, expected to open in 2018.
The total cost of the purchase and conversion of the building will be approximately £6m.
The property is situated on the High Street, in the heart of Sheffield’s city centre, located just 50 metres from the nearest Tram stop at Castle Square and is surrounded by an array of shops, bars, restaurants and other local attractions, and is within 10 minutes’ walk of the railway station.
Guy Parsons, chief executive, said:“We are delighted to be investing in Sheffield, a key northern powerhouse city which has received significant inward investment. Sheffield is the fourth largest city in England, a major centre of engineering and creative & digital technologies, home to sport venues such as the Hillsborough stadium and The Crucible and has two major universities. Attracting nine million visitors per year, the dynamics of the city make it very attractive location for a new easyHotel, which will be ideally situated to service both business and leisure visitors.
Hanover Green advised easyHotel.