easyHotel Signs Agreements To Open Hotels In Iran And Sri Lanka

LONDON (Alliance News) - easyHotel PLC on Monday said it has signed two master development ...

Alliance News 17 July, 2017 | 11:57AM
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LONDON (Alliance News) - easyHotel PLC on Monday said it has signed two master development agreements with property developers 3SV Ltd and MHA Hatfield Ltd, to develop the easyHotel brand across multiple sites in Iran and Sri Lanka.

According to the budget hotel operator, the Iranian government has outlined plans to attract more than 20 million tourists by 2025. Under easyHotel's agreement with 3SV, it will deliver more than 500 new easyHotel rooms in the country.

Under the agreement with MHA in Sri Lanka, more than 200 easyHotel rooms will be delivered in the country, 100 of which will be open by 2022.

In both territories, the new easyHotels are expected to comprise new purpose-built hotels and conversions of existing hotels and/or office buildings.

These agreements take easyHotel's pipeline of franchise rooms under development to 1,936 rooms, in addition to the 781 rooms being developed as owned projects.

"I am pleased to announce a further extension of our franchise network, enabling us to establish the brand's presence in new territories where there is growing demand from cost conscious consumers for value hotel accommodation," Chief Executive Guy Parsons said.

"The agreements announced today will add at least a further 700 rooms to our committed development pipeline enabling us to extend our network in these exciting new markets without direct capital investment, as we focus direct investment in our core markets of the UK and Europe," he added.

Shares in easyHotel were untraded at 102.00 pence on Monday.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
easyHotel PLC 86.00 GBX -0.58 -
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