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easyHotel swung to an annual loss as the budget hotel chain took a hit after the writedown of its Ipswich hotel.
For the financial year ended 30 September 2019, the company reported a pre-tax loss of £3.57m compared with a profit of £0.87m, but revenue increased 56% to £17.6m
The loss was driven by a £3.0m non-cash impairment to the company's Ipswich hotel, and £1.4m costs associated with the change in ownership structure in the latter part of the year, easyHotel said.
Like-for-like owned hotels revenue per available room (RevPAR) was up 4.6% on-year.
The total portfolio stood at 1,340 owned hotel rooms and 2,332 franchised hotel rooms.
'Looking to the year ahead, the political and economic landscape will continue to impact consumer confidence,' easyHotel said.