easyHotel sells space at Liverpool's 47 Castle Street for £600k

Budget hotel firm easyHotel has raised £600k through the disposal of space at 47 Castle Street, an office building in Liverpool city centre.

Announced this morning (July 5), the deal sees restaurant operator Rocket and Ruby Properties LLP acquire the site’s A3 space, which comprises the ground floor and part of the building’s basement.

Rocket and Ruby Properties already owns and operates a restaurant in the space.

easyHotel paid £1.3m for the freehold of the six-storey 47 Castle Street in April last year.

The company has secured planning permission to convert the property’s upper floors into a 79-room easyHotel.

The refurb project is underway and due for completion in time for a January 2017 opening.

Guy Parsons, easyHotel’s chief executive officer, said of the transaction: “Our strategy is focused on the ownership of high quality hotel assets and this transaction enables us to recycle capital through the disposal of surplus assets, the proceeds of which can be re-invested in future owned hotel projects in order to maximise shareholder returns.”