EasyHotel shareholders have approved a £50 million placing, with new shares in the company trading from today (Tuesday).

The super-budget chain revealed that 29.9% shareholder, real estate fund manager ICAMAP, has taken stock and will now own 38.7% of the company.

EasyHotel chief executive, Guy Parsons, said: “I would like to thank our existing shareholders and welcome our new investors for their support of this capital raise.

“Further, on behalf of the board I would also like to welcome Harm Meijer, founding partner of ICAMAP, as a non-executive member of the board effective from admission of the new shares, and believe the company will benefit from his real estate, operational and financial expertise.

“With the addition of this new capital and the confidence of our shareholders, we will continue the acceleration of our owned hotel development pipeline, allowing us to take advantage of the significant opportunities within our markets, delivering enhanced returns for our shareholders and underpinning the long-term growth of the easyHotel brand.”