Sleeperz hotels secures £7m investment

Sleeperz plans eight extra hotels by 2015 after securing a £7m investment.

Sleeperz Newcastle
Sleeperz Newcastle
Budget hotels business Sleeperz has secured £7m investment to fund future growth in the UK – with the target of achieving a portfolio of ten hotels by 2015.

Sleeperz opened its first hotel in Cardiff in November 2008 and work is now underway on a 98-bedroom hotel in Newcastle, due to open in October 2011.

The equity finance has been raised from the company’s current investors, including Andre Hoffmann, and a new investor, Connection Capital. The debt finance for the Newcastle development is being provided by The Co-operative bank.

Heads of terms have also been secured by Sleeperz to develop hotels at five further sites next to mainline rail stations, including Liverpool, Birmingham and Manchester.

Sleeperz Hotels chief executive David Myers said: "Raising finance is very tough in this market, and to secure £7m of investment is an exceptional achievement, particularly for a hotel business of our size.

"The hotel market is littered with single-site niche businesses that have failed to expand and progress to develop a second hotel. Our business target is to develop and operate 10 Sleeperz hotels by 2015."

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