Budget accommodation chain easyHotel has raised £600,000 from the sale of a restaurant, which was part of a six-storey office building in Liverpool which it bought for £1.3 million last year.
EasyHotel plans to convert the upper floors of the building into a 79-room hotel, with an entrance on the main street and the hotel reception located on the first floor.
Refurbishment works have begun and the hotel is expected to open by January next year.
It has sold the restaurant on the ground floor and basement to Rocket and Ruby Properties, owners of the restaurant, under a 125-year leasehold agreement.
EasyHotel CEO Guy Parsons said: "Our strategy is focused on the ownership of high quality hotel assets and this transaction enables us to recycle capital through the disposal of surplus assets, the proceeds of which can be re-invested in future owned hotel projects in order to maximise shareholder returns."
