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Sir Stelios to float ‘super budget’ hotel brand
EasyHotel, founded by Sir Stelios Haji-Ioannou, will launch an initial public offering on June 30 to fund the expansion of the super budget hotel chain.
The group confirmed in a statement that it will float on London’s AIM stock market by issuing 37.5 million shares at a price of 80p each.
"This is a great business model which will continue to prosper as it grows and meets the demand of budget-conscious travellers around Europe and beyond," said Haji-Ioannou.
"The transparency and scrutiny of the public markets will also allow me to step back from the company and enable me to focus on continuing my diversification strategy into other business and philanthropic activities.
" I anticipate I will remain a significant and supportive shareholder for a very long time."
EasyHotel currently has two wholly-owned freehold hotels and 17 franchised hotels, as well as one long leasehold development site.
It says that it plans to use £30m in new equity raised to pursue the company’s roll-out of owned hotels.
"We are pleased at the level of interest in easyHotel’s growth story and the support that we have received from investors. easyHotel’s principal growth strategy is the roll-out of further owned hotels in major European gateway cities," said chairman Jan Åstrand.
"The proceeds from the placing will be used to acquire and develop new hotel sites, enabling the Company to capitalise on the significant growth opportunities available in the ‘super budget’ hotel segment through the strength and international recognition of the ‘easy’ brand."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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