EasyHotel has announced plans to raise £11m via a subscription and share issue.
The shares will be priced at 95p per subscription share, which represents a premium of 35.7% to the 5 March closing mid-market price of 70p per ordinary share.
The firm said the money raised would mainly be used to fund the group’s development pipeline.
Scott Christie, interim chief executive at EasyHotel, said: “The group continues to make good progress towards securing sites in its target destinations and we look forward to announcing further developments in due course.”
Harm Meijer, non-executive chairman of EasyHotel, added: “The proceeds from this proposed subscription will provide the business with the capital it needs to pursue the next stage of its owned hotel roll-out strategy.
“We are excited about the development pipeline and, in particular, the potential for accelerating our targeted growth of the brand in Europe.”
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