Lawyers from CMS’ office in Sheffield have advised easyHotel on its acquisition and financing of eight franchised Benelux hotels from real estate and private equity fund manager Crossroads Real Estate for €145m, as part of its European growth drive (announced in December 2021). The deal is fully supported by easyHotel’s majority shareholders ICAMAP and Ivanhoé Cambridge.
The international chain of hotels, founded in 2004, aims to offer affordable travel to all. This latest acquisition of three hotels in Amsterdam, two in The Hague, and properties in Rotterdam, Maastricht and Brussels offers a further 793 rooms to easyHotel’s growing European capacity. The move also demonstrates the company’s commitment to developing its presence in Europe through growth and acquisition to become the pan-European leader of low-carbon hotels.
CMS corporate partner Gareth Saynor, who led the transaction, said: “We are delighted to have advised easyHotel on this latest deal and congratulate them on completing a strategically important acquisition. This is a period of significant change in the hotel sector, and we are proud to be at the forefront of advising hotel clients as they confront significant market challenges. Our lead role in this deal further demonstrates CMS’ ability to advise on major international transactions from our offices in Sheffield and Manchester.”
easyHotel head of legal, Nichola Buchanan, said: “This is a fantastic milestone for the easyHotel group as we continue with our growth strategy. CMS have been a great support throughout this complex cross-jurisdictional project, and it has been a pleasure to have them by our side.”
The multidisciplinary, cross-border CMS team was led by Gareth Saynor, comprising James Crossman and James Clarke (Corporate); Josie Hearnden, Oliver Ellington, Paradis McCall and Sian Moore (Finance) and was supported by lawyers from the firm’s Spanish offices.