The proceeds of the conditional placing of 45,454,546 new ordinary shares at 110.0p per placing share will primarily be used to fund the acceleration of the group’s owned hotel roll-out strategy.
EasyHotel has a targeted owned hotel pipeline of 1,122 rooms across 26 hotels in the UK and continental Europe, with a further 2,739 owned and franchised rooms already committed to across seven of those hotels in the next two years.
Hanover Green advise easyHotel on all their acquisition.
Chief executive Guy Parsons said: “The strong and ongoing market outperformance of our growing owned hotel portfolio has continued into the current financial year. The proceeds from today’s placing will enable us to continue the acceleration of our owned hotel development pipeline, allowing us to take advantage of the significant opportunities within our markets, delivering enhanced returns for our shareholders and underpinning the long-term growth of the easyHotel brand.”
Investec Bank is acting as nominated adviser and sole broker to the company with the placing set to complete by 12 March.