EasyHotel made a first half profit after a year-on-year doubling in revenues.
The growing budget hotel brand, which plans to double its 40-strong portfolio, declined to provide a profit figure but confirmed that revenues had grown to £31.5 million from £14.3 million in the first six months of 2022.
The company recorded a 45% increase in revenue per available room (revpar) across its properties, including 19 in the UK, compared with the same period last year – or 27% like-for-like.
“This demonstrates easyHotel’s ability to adapt to market dynamics effectively and offer competitive pricing,” the group said in a trading update.
Room count increased 58% with new openings and the take over of a portfolio in the Benelux region a year ago.
“Recent openings in Paris and Dublin have been met with positive demand, reinforcing easyHotel’s ability to establish itself successfully in sought-after locations,” the company added.
“With a promising pipeline of developments including two imminent opportunities, easyHotel aims to double its portfolio by 2027, reinforcing its presence in key markets and capitalising upon the strong ‘easy’ brand awareness throughout Europe.”
Chief executive Karim Malak (pictured) said: “The H1 2023 trading results reflect the brand’s dedication to offering high-quality, budget-friendly, and low carbon accommodations, as well as our readiness to adapt to changing market dynamics.
“The market fundamentals are positive for the affordable sector. We are finding that our customer is changing, and our offering is becoming more attractive to a wider audience.
“We offer central locations and brilliant basics, without compromising quality, enabling the customer to experience the city and local community.
“We are on track to continue our growth trajectory and look forward to announcing new openings soon.”