EasyHotel has announced the acquisition of funding to support its expansion and carbon reduction initiatives across Europe.
The company has secured a £42.5 million loan from Santander UK and an additional £6 million from BRED Banque Populaire, with plans to open 120 new hotels by 2028.
The £42.5 million loan from Santander UK represents an increase of £7.5 million over a previous agreement. The funds will be used for low-carbon investments in the UK, including the installation of heat pumps and smart meters, and a refurbishment of the EasyHotel in Glasgow. Similar upgrades are planned for nine hotels in France, Belgium, Spain, and the Netherlands.
“We are pleased to be supporting easyHotel with this loan facility, enabling the business to expand both in the UK and overseas. “We welcome the hotel group’s growth strategy and are looking forward to seeing our relationship with easyHotel thrive.” – Paul O’Reilly relationship director – hotels, at Santander UK
EasyHotel currently operates 42 hotels in 11 countries. The company reported a strong trading year in 2023, with a 35% increase in hotel revenue compared to 2022. Total revenue surpassed €100 million for the first time, driven by the performance of new hotels in Paris and Dublin. Two-thirds of EasyHotel’s sales now come from continental Europe.
The £6 million loan from BRED Banque Populaire will finance the opening of a new 110-bedroom hotel in Marseille, set to open this autumn. This will be EasyHotel’s fourth property in France, joining locations in Paris and Nice. The new Marseille hotel will feature the group’s latest low-carbon room design.
EasyHotel is also expanding in Spain, with new hotels under construction in Barcelona, Alicante, and Valencia. The company plans to announce further refinancing deals for Spain soon.
“2023 was a record year for revenue at easyHotel driven by our great value product and leading easy brand awareness in travel.“It has been a pleasure to work with Santander for the fourth time. Looking ahead, our development team are working across more new hotel deals than ever before as we step up our growth of low carbon and great value hotels across Europe over the coming years.” – Charles Persello, Chief financial officer of easyHotel
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