TPG reportedly shortlisted as possible easyHotel buyer

15th Aug 2024 12:04

(Sharecast News) - Private equity firm TPG has been shortlisted as a potential buyer for the easyHotel chain of budget accommodation, it was reported on Thursday, valued at about £400m.

According to Sky News, the development followed a competitive auction process for the hotel business established by easyJet founder Sir Stelios Haji-Ioannou.

Alongside TPG, other investors were reportedly also vying for the chain, with real estate investment fund Proprium Capital Partners also expressing interest, Sky News said.

However, it was unclear whether Proprium had advanced to the next stage of the auction.

easyHotel operates 50 properties across 11 countries, including 19 in the UK, and employs about 330 staff.

The chain, which was founded in 2004, currently has over 4,000 rooms and was aspiring to expand to 120 hotels in the next four years.

It is predominantly owned by ICAMAP Investments and Ivanhoé Cambridge, with the remainder held by Sir Stelios' easyGroup.

Sky said the company recently secured an expanded lending facility with Santander UK to support its growth strategy.

Neither TPG nor easyHotel had commented on the reports by midday on Thursday.

Reporting by Josh White for Sharecast.com.