Easyhotel has made significant strides in reducing its losses, moving closer to profitability for the first time since the onset of the Covid-19 pandemic.
The budget hotel chain, headquartered in London, reported a pre-tax loss of €1.8m (£1.5m) for 2024, a substantial decrease from the €10.5m (£8.9m) loss recorded in 2023, as reported by City AM.
This is the smallest pre-tax loss Easyhotel has posted since it fell into the red in the year ending September 2019, with total pre-tax losses amounting to around £60m since then. According to new accounts filed with Companies House, Easyhotel’s revenue rose from €77.3m to €80m in 2024.
The hotel chain was established by Greek Cypriot entrepreneur Stelios Haji-Ioannou in 2004 and went public in June 2014 before delisting from AIM in 2020. Earlier this month, it was revealed that the chain had been acquired by real estate fund Tristan Capital Partners.
The board released a statement saying: “The brand’s simple and affordable offering is well aligned to the needs of today’s discerning and value conscious traveller.”
They added: “The strong performance of the new 2024 and 2023 openings in Marseille, Dublin and Paris Nord Aubervillers confirm this and gives confidence in the growth potential of the group.”
The statement also highlighted that long-term growth drivers in the international branded hotel sector remain robust, and the group’s strategy of selective focus on hotel development, combining freehold and leasehold properties in primary European cities, continues.
Looking ahead, Easyhotel has expressed optimism about its growth prospects, stating: “Our expectation is that in the medium and long term, our business will continue to grow and to outperform the overall market as it did in previous years.”
The company highlighted the positive performance of its newest hotels, adding: “The newest hotels in our estate have traded positively and provide confidence that the high-quality developments in key cities with the group is now focusing on will produce long-term returns for our shareholders.”
Confidence in the brand’s expansion across continental Europe remains strong, with Easyhotel noting: “We remain confident on the development pipeline and the potential for the brand in continental Europe.”
The management team’s expertise was also underscored: “We have the right skills within the management team to allow the business [to] deliver against the board’s vision.”
In the UK, Easyhotel boasts a presence in numerous locations including Belfast, Birmingham, Cardiff, Croydon, Edinburgh, Glasgow, Ipswich, Leeds, Liverpool, Shoreditch, Paddington, South Kensington, Victoria, Manchester, Milton Keynes, Newcastle, Oxford, Reading and Sheffield.
