Date: April 2018
Location: Forest Street, Chester, Cheshire, UK
No. of Keys: 109
Seller: Developer Craigleith Property Group, based in Edinburgh and Manchester, and the hotel will be delivered as a turnkey development with a total cost, including construction and acquisition, of £7m.
The site has been derelict since the former Ixos office block on the site was demolished in 2007. Planning permission for a hotel, designed by Leach Rhodes Walker, was granted in the same year, but work stalled in 2008 after the site’s previous developer, Choice Hotels, suffered financial difficulties.
Buyer: The latest scheme, including 109 beds over seven storeys, has been designed by London-based Axion Architects, and secured planning permission in February 2018. The team also includes Lichfields as planner, Dooley Associates as quantity surveyor, and WSP.
EasyHotel chief executive Guy Parsons said: “We are delighted to have secured this central site in such a popular city and look forward to bringing the super budget easyHotel experience to Chester.
Craigleith chairman John Kennedy added: John Kennedy, said: “This is a great site in a vibrant city where we have seen increasing demand for visitor accommodation.
“EasyHotel’s brand and ethos to provide contemporary, accessible accommodation fills a void and we are hugely excited about working together on this project. We continue to seek hotel opportunities in the area and farther afield.”
Price per Key: £64,220
THPT Comment: Onwards and Upwards for easyHotel, as Guy Parsons tells us “This transaction marks our second investment following the successful fundraising announced in February 2018, taking our pipeline of owned and leased development projects to 1,150 rooms, in addition to the 1,857 franchise rooms currently under development.”
First Seen: Place North West