easyHotel plc, the owner, developer and operator of “super budget” hotels, today announces it has acquired a freehold site in Madrid, Spain, where it plans to develop a 230-bedroom easyHotel. The new premises will be easyHotel’s second owned hotel in Spain as the business seeks to expand in major European cities.

Located on Mendez Alvaro, one of central Madrid’s busiest avenues, the site has 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. The area is home to significant commercial and residential development projects which are expected to attract large numbers of visitors to the area.

Madrid is the capital and most populated city in Spain and is a leading economic hub in Southern Europe. It hosts the head offices of many of the country’s biggest companies as well as the Spanish government and is home to two world-renowned football clubs. The city is also a popular destination for tourists, attracting 9m visitors each year of which 51% are international visitors.

The Group will develop the site for the purpose-built easyHotel which is expected to open in the 2021/22 financial year. The total forecast cost of acquisition and construction is expected to be in the region of €28m.

Commenting, Scott Christie, Interim Chief Executive Officer at 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.”