EasyHotel has conditionally acquired a 125-year leasehold of part of Norfolk House on Silbury Boulevard, a central site in Milton Keynes.
Norfolk House is located in the town centre, 200m from the main shopping centre and 0.3 miles from The Hub Milton Keynes, a major leisure scheme.
The group intends to convert its part of the building into a 124-bedroom hotel, which is expected to open by mid-2019 at a total cost of approximately £8.7m.
EasyHotel also reported that it has a committed pipeline of seven owned hotels with a total 941 rooms. Construction on 517 of those has started in Barcelona, Leeds, Sheffield and Ipswich and should be open by this summer.
Guy Parsons, chief executive of easyHotel, said: “This acquisition is part of our ongoing strategy of offering comfortable, affordable accommodation in key tourist and business locations in the UK and internationally, and this completes the deployment of funds from our 2016 equity fundraising and bank loan.”
He added that there are more development opportunities in both the UK and Europe than the company had expected and it is considering new equity and debt to fund those projects.
