Private Equity Firm TPG Among Bidders for easyHotel Chain
The easyHotel chain, with a value of approximately £400m, has attracted the attention of multiple potential buyers. Among them is TPG, a well-known private equity firm.
According to sources familiar with the matter, TPG has been shortlisted as one of several bidders for the business. The easyHotel chain is currently backed by Sir Stelios Haji-Ioannou, the founder of easyJet.
Proprium Capital Partners, a real estate fund, is also reported to have shown interest in acquiring easyHotel. It is uncertain at this time whether Proprium has advanced to the second round of the auction.
Currently operating in 11 countries with 50 sites, easyHotel has a strong presence in the UK with 19 locations. The company employs approximately 330 individuals.
Previously a publicly listed company, easyHotel is now 79.1% owned by ICAMAP Investments and Ivanhoé Cambridge. The remaining shares are believed to be held by Sir Stelios’s easyGroup.
Established in 2004, easyHotel boasts over 4,000 rooms and has ambitious plans to expand to 120 hotels in the next four years. To facilitate this growth, the chain recently secured an expanded lending facility with Santander UK.
Both TPG and easyHotel declined to comment on the matter. The auction for easyHotel is ongoing, and it remains to be seen who will emerge as the successful buyer.
