Action Hotels PLC Completion of new hotels (3831A)

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RNS Number : 3831A

Action Hotels PLC

22 December 2014

Action Hotels PLC

("Action Hotels", "Action" or "the Company")

Action Hotels announces completion of new hotels

Action Hotels (AIM: AHCG), a leading owner, developer and asset manager of branded three and four star hotels in the Middle East and Australia, is pleased to update the market on the status of new hotel completions and its expanding hotel pipeline.

Completion of new hotels

Action Hotels is delighted to announce the completion of two new hotels in the Middle East.

Ibis Seef, a 304 room Accor managed property, is Action Hotels' first hotel in Bahrain and has been completed on schedule and below budget. The property also features 18 apartments, giving it a good exposure for longer stays and families. Official opening is scheduled for 28 December 2014.

Premier Inn Sharjah is a 168 room hotel and is Action Hotels' first Premier Inn branded project and also Whitbread's first hotel management contract in the Middle East outside of their joint venture with Emirates. The hotel is complete and final preparations are being made to enable the official opening planned for January 2015.

Both freehold properties will be revalued as completed properties and will be reported in the 31 December 2014 results.

In addition to the ibis Seef Bahrain, Action Hotels is developing the Premier Inn Bahrain and has taken the decision to schedule its opening in Q3 2015 in order to phase out its opening of the hotels and prioritize its development efforts. This has enabled management to focus attention on the acceleration of the 2015 pipeline, including the 104 room Tulip Inn Ras Al Khaimah which was announced in October 2014.

Pipeline

As well as focusing on delivering its pipeline of 8 economy and midscale hotels, Action is committed to increasing the number of hotels and is in discussions in relation to a number of opportunities across the Middle East. In addition, Action has created an extra 55 rooms from its existing development pipeline across a number of its leasehold and freehold properties.

For further information:

Action Hotels plc +44 (0) 20 7907 9663

Alain Debare, Chief Executive Officer

Katie Shelton, Director of Corporate Affairs

finnCap (Nominated adviser & broker) +44 (0) 20 7220 0500

Matthew Robinson / Grant Bergman / Scott Mathieson

This information is provided by RNS

The company news service from the London Stock Exchange

END

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