EasyHotel has acquired a freehold site in Madrid, with a forecast cost of acquisition and construction of €28m.
The 230-room site will be easyHotel’s second owned hotel in Spain as the business sought to expand in major European cities.
Located on Mendez Alvaro, one of central Madrid’s busiest avenues, the group said that the site had excellent transport links including being only 10 minutes’ walk to Atocha, Madrid’s main high-speed rail station, and less than 200m from the nearest metro.
Scott Christie, interim CEO, easyHotel, said: “Our new investment in Spain marks the latest step in our strategy to expand our owned hotel network across centrally located, high quality sites in major European cities. Madrid is an iconic destination with numerous attractions for both tourist and business travellers, and we are confident our super budget offering will resonate with visitors keen to experience Spain’s capital.
“The group continues to make good progress towards securing sites in its target destinations and we look forward to announcing further developments in due course.”