easyHotel PLC Master Development Agreements Iran and Sri Lanka (1783L)

TIDMEZH

RNS Number : 1783L

easyHotel PLC

17 July 2017

easyHotel plc

("easyHotel", "the Group" or "the Company")

Master Development Agreements in Iran and Sri Lanka

easyHotel, the owner, developer and operator of "super budget" branded hotels, announces that it has signed two Master Development Agreements with 3SV Limited and MHA Hatfield Limited, a respected property developer, to develop the easyHotel brand across multiple sites in Iran and Sri Lanka respectively.

The Iranian Tourism industry has seen significant growth in recent years with the Government outlining ambitious plans to attract more than 20 million tourists by 2025. The agreement for Iran is anticipated to deliver more than 500 new easyHotel rooms in the country.

The agreement for Sri Lanka is anticipated to deliver more than 200 rooms in the country, 100 of which are expected to be open by 2022. Sri Lanka has a well-established and growing tourism industry with over 2 million visitors in 2016.

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.

Commenting, Guy Parsons, CEO of easyHotel plc said: "easyHotel has made good progress over the last year against its plans for the international expansion of the brand. 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.

"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."

Enquiries:

 
 easyHotel plc 
 Guy Parsons, Chief Executive    www.easyhotel.com 
  Officer 
 Marc Vieilledent, Chief         http://ir.easyhotel.com 
  Financial Officer 
 Investec (Nominated Adviser 
  and Broker)                    +44 (0) 20 7597 5970 
 David Anderson 
 Houston PR (Financial 
  PR)                            +44 (0) 20 3701 7660 
 Hamish Thompson 
 Kate Hoare

Notes to Editors:

www.easyhotel.com http://ir.easyhotel.com

easyHotel is the owner, developer, operator and franchisor of branded hotels. Its strategy is to target the "super budget" segment of the hotel industry by marketing "clean, comfortable and safe" hotel rooms to its customers.

Operating hotels

easyHotel's five owned hotels currently comprise 590 rooms, and it has a further 20 franchised hotels with 1,750 rooms.

Owned hotels:

Old Street (London), Glasgow, Croydon, Birmingham, Manchester.

Franchise locations:

Belgium (Brussels), Bulgaria (Sofia), Germany (Berlin, Frankfurt), Hungary (Budapest), The Netherlands (Amsterdam: City, Arena & Zaandam, Rotterdam, The Hague), Switzerland (Basel, Zurich), UAE (Dubai), United Kingdom (Edinburgh, London Heathrow, Central London, Luton).

Hotel development pipeline

The Company's committed development pipeline of owned and franchised hotels currently consists of:

Owned hotels:

United Kingdom (Liverpool, Ipswich, Sheffield, Leeds), Spain (Barcelona) Subject to planning consent: United Kingdom (Oxford).

Franchise hotels:

UAE (Dubai), Germany (Bernkastel-Kues), Portugal (Lisbon), Turkey (Istanbul), Nepal (Kathmandu), UK (Belfast, Reading).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 17, 2017 02:00 ET (06:00 GMT)