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easyHotel completes acquisition of 87-room hotel in Nice, France

easyHotel plc, the owner, developer and operator of “super budget” branded hotels, announces that the Group has exchanged contracts to acquire the freehold of the 87-room Ibis Palais des Congres, Nice (the “Acquisition”).

The Group will invest €11.7m to both acquire and rebrand the site and will also seek planning approval to add a further seven rooms to the property. The hotel is in excellent condition and following completion of the Acquisition the hotel will open immediately as easyHotel Nice. Completion is expected to take place in October 2019.

The popular tourist destination of Nice, located on the French Riviera is the fifth largest city in France, attracting over 10 million overnight hotel stays in 2018. It is home to the largest airport in France, outside of Paris, with c.14 million passengers passing through in 2018. The hotel is centrally located, close to a range of excellent transport facilities and a short walk from the Promenade des Anglais and Nice’s popular Vieux Nice.

The Acquisition brings the Group’s owned and franchised committed development pipeline, scheduled to open in the next financial year ending 30 September 2020, to 735 rooms across 5 hotels, with a further 976 rooms expected to open in the following year.

Commenting, Guy Parsons, Chief Executive of easyHotel plc said: “This investment in our first owned hotel in France is testament to the ambitious plans we have to develop the easyHotel brand in Continental Europe. We see significant opportunities to develop owned hotels in France and Spain and are confident that we will receive planning permission this autumn for the 209-room hotel close to Paris-Charles de Gaulle Airport that we announced last December.

“Attracting over 4 million visitors every year, the iconic city of Nice is famous as one of France’s premier tourist destinations, with recent years having seen significant investment in the City’s infrastructure and services. We are delighted to have secured this excellent site and look forward to announcing further opportunities in due course.”

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