ICAMAP takes easyHotel majority stake and eyes expansion

By Paul Norman - Monday, March 12, 2018 18:45

ICAMAP is to take the majority stake in easyHotel, lifting its share from 29.9% to 38.7% of the share capital after the increase was approved at Shareholders' General Meeting today (12 March).

Harm Meijer, one of the founding partners of ICAMAP, will become a non-executive member of the Board of Directors.

The "super-budget" hotel chain was created by Sir Stelios Haji-Ioannou, the founder of easyJet, in 2004. At the end of the placing, easyGroup Holdings Ltd and other parties acting in concert with Sir Stelios Haji-Ioannou, who have been supportive of the transaction, will be the second largest shareholder with approximately a 26% stake.

The £50m placing will enable easyHotel to accelerate its development across Europe, following its integrated model of developer, investor, operator and hotel franchisor.

The hotel and real estate group oalready owns, operates and franchises 26 hotels and nearly 2,350 rooms in European major cities.

The parties said: "The model, developed around simplicity, comfort and competitiveness of the ‘easy’ brand, enables it to achieve exceptional occupancy levels, combined with high operating margins. 15 new hotels and nearly 2,050 rooms are planned for opening in 2018 and 2019 in the cities of Barcelona, Sheffield, Leeds, Ipswich, Cardiff, Milton Keynes and Oxford. In addition, one potential project for 200 rooms expected close to a major French airport."

Guillaume Poitrinal, founding partner of ICAMAP said: "We are pleased to be able to contribute to the expansion of one of the finest super-budget hotel concepts on the market. easyHotel will be able to count on our efforts to support the growth of its network in the largest European cities for the years to come."

Guy Parsons, CEO of easyHotel, said: "I would like to thank our existing shareholders and welcome our new investors for their support of this capital raise. Further, on behalf of the Board I would also like to welcome Harm Meijer, co-founding partner of ICAMAP, as a non-executive member of the Board with effective from the admission of the new shares, and believe the Company will benefit from his real estate, operational and financial expertise. With the addition of this new capital and the confidence of our shareholders, we will continue the acceleration of our owned hotel development pipeline, allowing us to take advantage of the significant opportunities within our markets, delivering enhanced returns for our shareholders and underpinning the long-term growth of the easyHotel brand."

ICAMAP is an independent investment fund specialising in real estate, created in 2014 by Guillaume Poitrinal, Harm Meijer and Alexandre Aquien. ICAMAP intends to foster the growth of small and medium-sized property companies in Europe. ICAMAP manages a Private Equity Real Estate Fund with an investment capacity of €500m which may rise substantially through co-investments. ICAMAP has a quality global investor base.

easyHotel is the owner, developer, operator and franchisor of branded hotels. Its strategy is to target the super budget segment of the hotel industry by marketing "clean, comfortable and safe" hotel rooms to its customers.

pnorman@costar.co.uk

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