Ivanhoé Cambridge and ICAMAP, the owners of easyHotel, are nearing the conclusion of a sale process for the budget accommodation chain, with two key bidders emerging in the final stages – London & Regional Properties and a Tristan Capital Partners fund.
The report cites unnamed sources familiar with the matter as revealing that the auction is close to completion, and a decision on the winning bid is expected imminently.
The sale process, managed by Rothschild, was initiated earlier this year with a price target exceeding £400m ($507m).
Since taking easyHotel private in 2019, ICAMAP and Ivanhoé Cambridge have expanded its footprint to about 50 hotels across 11 countries, according to the company’s website.
London & Regional Properties, which owns a portfolio of 114 hotels across nine countries, has bolstered its hotel operations under new CEO Cody Bradshaw, who joined earlier this year from Starwood Capital Group.
Tristan Capital Partners, meanwhile, is no stranger to the budget hotel market, holding a majority stake in Point A Hotels, a chain specialising in affordable urban accommodations.
Founded in 2005 by Stelios Haji-Ioannou, the creator of budget airline easyJet, easyHotel remains a recognised name in the low-cost lodging sector, with the founder having retained a stake in the company even after opposing its 2019 buyout by ICAMAP and Ivanhoé Cambridge.
Representatives for ICAMAP, Ivanhoé Cambridge, Tristan Capital, London & Regional Properties, and Rothschild declined to comment on the ongoing process.
