Value hotel group easyHotel has secured a £42.5m loan from Santander UK to support its British and European expansion plans.
The new loan from Santander UK will replace a previous agreement and includes a £7.5m increase.
EasyHotel said the funds would finance low-carbon investments in the UK such as the installation of heat pumps and smart metering systems, as well as a full refurbishment of its Glasgow hotel.
Similar low-carbon works will be taking place across nine hotels in France, Belgium, Spain and the Netherlands.
The budget hotel chain wants to add some 120 hotels to its portfolio over the next four years.
The refinancing agreements come after the group reported a 35% increase in revenues from its leased and owned hotels in 2023.
Revenues from its franchised properties topped €100m (£85m) for the first time.
Photo © easyHotel
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