easyHotel (UK) Plans European Expansion with 11m Pounds Share Funding
06 Mar 2020 - A hotel franchise has announced that it is aiming to raise £11m for its brand growth and international roll-out.
EasyHotel, which owns, develops and operates ‘super budget’ hotels, said that it will be issuing more than 11 million subscription shares to Citrus Holdco at a price of 95 pence per share.
The proceeds of the subscription shares will go towards the company’s owned hotel roll-out strategy.
The company also announced an investment in Spain recently as part of its European expansion strategy.
Scott Christie, interim CEO of easyHotel, commented: “Our recently announced investment in Spain marks the latest step in our strategy to expand our owned hotel network across centrally located, high quality sites in major European cities.
“The Group continues to make good progress towards securing sites in its target destinations and we look forward to announcing further developments in due course.”
Harm Meijer, non-executive chairman, commented: “Citrus Holdco Limited confirmed at the time of its offer for easyHotel’s shares last year that it was committed to supporting easyHotel to achieve the board’s strategic vision for the business more quickly and effectively.
“The proceeds from this proposed subscription will provide the business with the capital it needs to pursue the next stage of its owned hotel roll-out strategy.
“We are excited about the development pipeline and, in particular, the potential for accelerating our targeted growth of the brand in Europe.”