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Easyhotel says it is set to grow its portfolio by almost 20 properties over the coming years, as the budget brand announced raised revenues but a fall in profit.

There are currently 36 Easyhotels across various European cities.

Its development pipeline of owned hotels now includes properties in Milton Keynes, Chester, Cardiff, Oxford, Blackpool, Cambridge, Bristol, Dublin and Paris’s Charles de Gaulle Airport. All are set to open over the next 24 months – see all the expected opening years here.

Franchise hotels are also due in Malaga, Zurich, Basel, Amsterdam Schipol Airport, Dubai and – in firsts for the brand – Iran, Turkey (Istanbul) and Sri Lanka, marking its first Asian property.

Easyhotel this week announced that in the six months to March 31, revenue hit £7.26m, compared to £4.76m year-on-year. However it saw a pre-tax loss of £120,000 over the period, down on a £90,000 profit.

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The company blamed the temporary closure of its Old Street property and higher depreciation from new hotels for the fall in profit.

Easyhotel CEO Guy Parsons commented: “Easyhotel has delivered a market outperformance and good profitable growth in the first half of the year against a challenging market.

“Over the course of the last two years we have added a total of 18 hotels to our portfolio, significantly expanding our network in key business and tourist destinations across the UK and Europe.

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“Our most recent openings have not only traded in line with our expectations but have also tracked the good performance seen from our new hotels opened in the prior year, which in the current trading environment is very encouraging.

“Our UK network of owned hotels is already well established, with a strong opening programme in place for the next two years. The Group is now focused on replicating this success across Europe.”

By Jenni Reid

Source: Business Traveller

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