Budget hotel operator easyHotel PLC has signed a master development partnership with Man Investments LLC to start developing hotels in the Middle East.
United Arab Emirates-based Man investment group, will focus the new hotel developments in UAE and Oman, targeting an initial opening of 600 rooms by 2017, according to a recent report by Alliance News.
"We expect the partnership to drive rapid growth for the easyHotel brand in the Middle East that should deliver further shareholder value. The partnership will greatly improve brand awareness in the Middle East, giving us a platform to consider further opportunities in the region," said easyHotel chief executive Guy Parsons.
New hotels are expected to comprise new purpose-built assets as well as conversions from existing hotels or office buildings, with at least 1600 rooms to be completed by the end of 2020.
Shares in easyHotel were up 4.5% on Tuesday to 69.50 pence.
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