Sir Stelios Haji-Ioannou’s ‘super budget’ hotel brand easyHotel has gained a market capitalisation of £50 million and is to raise £30 million through a stock market listing.
Trading in shares of the company is expected to start on the secondary AIM market of the London Stock Exchange on June 30.
The money raised will be used to help expand the chain’s owned hotels in major European cities.
The stock market placing will see Sir Stelios’ easyGroup own 55.7%, and new shareholders will own 44.3% of easyHotel’s enlarged issued share capital.
Sir Stelios said the move would let him step back from the company “and enable me to focus on continuing my diversification strategy into other business and philanthropic activities”.
He said today: “I am delighted that with the backing of institutional investors easyHotel will be able to grow and prosper as an independent company.
“This is a great business model which will continue to prosper as it grows and meets the demand of budget conscious travellers around Europe and beyond.”
However, Sir Stelios added: “I anticipate I will remain a significant and supportive shareholder for a very long time.”
Company chairman Jan Åstrand said: “We are pleased at the level of interest in easyHotel’s growth story and the support that we have received from investors.
“EasyHotel’s principal growth strategy is the roll-out of further owned hotels in major European gateway cities.
“The proceeds from the placing will be used to acquire and develop new hotel sites, enabling the company to capitalise on the significant growth opportunities available in the ‘super budget’ hotel segment through the strength and international recognition of the ‘easy’ brand.”
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