A central freehold site in Bristol has been acquired by easyHotel to develop a 145-bedroom super budget property for £12 million.

The site is close to Bristol city centre opposite the Cabot Circus shopping centre.

The company wants to develop the site for the purpose-built hotel to open in 2020, subject to planning approval.

The total forecast cost of acquisition and construction will be about £12 million, according to the company.

Planning permission has also been granted for a new 180-room hotel in Oxford.

The property will be developed as part of a mixed-use scheme which will include residential and retail space.

The easyHotel will occupy upper floors of the building in the Summertown part of the university city and is expected to open in the second half of 2020.

EasyHotel CEO Guy Parsons said: “Our investment in Bristol, the fifth since our fundraising in March, marks the latest addition to our fast-growing portfolio of comfortable, stylish and highly affordable hotels in key tourist and business locations.

“The group is also pleased to confirm that planning approval for the new easyHotel Oxford has been granted. Construction work is anticipated to start in the new year.”

He added: “The group continues to review a large number of investment opportunities in both the UK and Europe and we look forward to announcing further developments in due course.”