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RNS Number : 3947A
easyHotel PLC
24 March 2017
24 March 2017
easyHotel plc
("easyHotel" or "the Group")
Trading Update
easyHotel, the owner, developer, operator and franchisor of
"super budget" branded hotels, provides a trading update for the
five months to 28 February 2017.
Trading
Trading for the five months ended 28 February 2017 was slightly
above the Board's expectations.
Owned hotels once again materially outperformed their
competitive set (source: STR Global) during the period, whilst the
overall UK hotel market improved year on year.
This performance was mainly driven by strong owned hotel
like-for-like revenue growth of 19% for the five months to 28
February 2017 compared with the same period last year, as the Group
continues to benefit from the revenue strategy announced in
December 2015.
New hotel openings
Three "new look" hotels opened during the first five months of
the financial year - Brussels, Amsterdam Arena and Birmingham - and
all have traded exceptionally strongly and are expected to reach
maturity ahead of budget.
easyHotel's total committed development projects currently have
1,748 rooms under development, 716 of which are owned and 1,032 are
being developed by franchise partners.
Owned hotel development pipeline
-- New hotel projects under construction in Barcelona (204
rooms) and Ipswich (94 rooms) are progressing well.
-- Manchester (115 rooms) and Liverpool (78 rooms) are now
expected to open during the summer as we take advantage of the
extension to the construction programme to improve on the layout
and design of the two city centre hotels.
-- Since announcing a long leasehold property in Sheffield on 20
December 2016, for conversion into a 131 room hotel, planning
permission has been obtained and the completion of the purchase is
expected in the coming weeks.
-- On 22 December 2016, a further long leasehold project was
added to the development pipeline in Leeds for conversion into a
94-room hotel, subject to planning permission.
-- Both Sheffield and Leeds are expected to open in 2018.
-- The Board continues to evaluate further acquisitions.
Franchised hotel development pipeline
-- Two further franchise hotel projects have been announced
during the period - a 54-room hotel in Reading (November 2016) and
an 81-room hotel in Belfast, the first in Northern Ireland (January
2017). Both hotels are expected to open in early 2018.
Old Street Planning Appeal
The appeal for the retrospective planning permission relating to
78 of the 162 rooms at the Group's Old Street Hotel (80 Old Street,
London) was heard on 21 March 2017. A decision is expected
shortly.
Guy Parsons, Chief Executive Officer, commented:
"Trading in the first five months of financial year 2016/17 was
slightly ahead of the Board's expectations, with like for like
revenue growth of 19%, as owned hotels continued to benefit from
our revenue management strategy.
The roll out of the new booking engine (Hetras) and yield
management system (Duetto) are on schedule and will support our
positive trading momentum. The systems will be rolled out to the
whole network by the end of the current financial year.
We remain on track to open eight new hotels, four owned and four
franchised, in the current year. We are actively evaluating a
number of interesting opportunities which potentially meet our site
criteria of location and returns.
The Board remains confident that it shall secure properties in
major and regional UK cities as well as key European gateway cities
whilst leveraging the strong brand to increase easyHotel's presence
in the growing branded super budget hotel segment."
Enquiries:
easyHotel plc www.easyhotel.com
Guy Parsons, Chief Executive
Officer
Marc Vieilledent, Chief http://ir.easyhotel.com
Financial Officer
Investec (Nominated
Adviser and Broker) +44 (0) 20 7597 4000
David Anderson
Hudson Sandler (Financial
PR) +44 (0) 20 7796 4133
Wendy Baker/ Emily Dillon
Notes to Editors:
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 four owned hotels currently comprise 476 rooms, and
it has a further 19 franchised hotels with 1,643 rooms.
Owned hotels:
Old Street (London), Glasgow, Croydon, Birmingham
Franchise locations:
Belgium (Brussels), Bulgaria (Sofia), Germany (Berlin,
Frankfurt), Hungary (Budapest), The Netherlands (Amsterdam,
Amsterdam-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, Manchester, Ipswich, Sheffield),
Spain (Barcelona)
Subject to planning consent: United Kingdom (Leeds)
Franchise hotels:
UAE (Dubai), Germany (Bernkastel-Kues), Portugal (Lisbon),
Turkey (Istanbul), United Kingdom (Belfast, Reading)
Website: www.easyHotel.com
-ends-
This information is provided by RNS
The company news service from the London Stock Exchange
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