EasyHotel secures lease for 100-room Cambridge hotel

EasyHotel has signed a 25-year lease on a site in Cambridge for the development of a new purpose-built hotel.

The site, located on Newmarket Road, less than 1 mile from Cambridge City Centre, will be developed into a 100-room EasyHotel, which is expected to open next year.

Cambridge will be the group's third leased site and the hotel will be let on a 25-fully repairing and insuring lease at an annual rent of around £625,000. It will be developed by MP Merchant, in line with EasyHotel's specifications.

Chief executive officer Guy Parsons said: "Having recently completed a successful fundraising to fund the acceleration of our owned hotel portfolio, this announcement is a clear signal of our intent and ambition to expand our development pipeline, targeting popular business and leisure city centre locations.

"The Cambridge site takes EasyHotel's pipeline of owned/leased development projects to 1,041 rooms, adding one of the UK's most thriving and popular cities to our network. The board looks forward to announcing further opportunities in due course."

At 1325 GMT, the shares were up 0.5% to 114.10p.