easyHotel, the owner, developer, operator and franchisor of “super budget” branded hotels, is pleased to announce the disposal of the A3 space at 47 Castle Street in Liverpool under a 125-year leasehold agreement for a consideration of £0.6m. The space, which is currently a restaurant operated by a third party, comprises the ground floor of the building and portions of the basement used by the restaurant operator, and has been sold to Rocket and Ruby Properties LLP, owners of the restaurant.
easyHotel acquired the freehold of the six storey office building in April 2015 for a total consideration of £1.3m. Planning permission has been granted to convert the upper floors into a 79-room easyHotel, with an entrance on the main street and the hotel reception located on the first floor. Refurbishment works have commenced and the hotel is expected to open by January 2017.
Commenting on the disposal, Guy Parsons, Chief Executive Officer said:
“Our strategy is focused on the ownership of high quality hotel assets and this transaction enables us to recycle capital through the disposal of surplus assets, the proceeds of which can be re-invested in future owned hotel projects in order to maximise shareholder returns.”