easyHotel plc, the owner, developer and operator of “super budget” branded hotels, today announces that it has acquired a central freehold site in Bristol where it expects to develop a 145-bedroom freehold easyHotel, subject to planning permission.
Located on West Street opposite the Cabot Circus shopping centre, just 0.5 miles from Bristol Temple Meads station, the site is close to Bristol city centre with its excellent range of shops, restaurants and local attractions. Known for its shipping and trading heritage, the city’s modern economy is built on the creative media, electronics, aerospace and financial services industries with the original city-centre docks having been redeveloped into a popular centre for heritage, leisure and culture. Bristol is home to two universities with the wider district boasting the 10th largest population in England.
The company will develop the site for the purpose-built easyHotel which, subject to planning consent, is expected to open in 2020. The total forecast cost of acquisition and construction will be approximately £12 million.
The Group is also pleased to confirm that planning permission has been granted for the development of its new purpose-built 180-room hotel in Oxford. The Group announced on 21 June 2017 that it had secured a 25-year lease for the hotel which will be located in Oxford’s Summertown, a premium residential and shopping district less than two miles from Oxford city centre and only half a mile from Oxford’s Ring Road. The hotel is being developed for the Group as part of a mixed-use redevelopment which will include residential and retail space as well as the new purpose-built easyHotel which will occupy the upper floors of the building and is expected to open in the second half of the 2020 calendar year.
Commenting, Guy Parsons, CEO of easyHotel plc, said: “Our investment in Bristol, the fifth since our fundraising in March marks the latest addition to our fast-growing portfolio of comfortable, stylish and highly affordable hotels in key tourist and business locations. The Group is also pleased to confirm that planning approval for the new easyHotel Oxford has been granted. Construction work is anticipated to start in the New Year.
“The Group continues to review a large number of investment opportunities in both the UK and Europe and we look forward to announcing further developments in due course.”