Gormley links up with hotelier

Developer Frank Gormley of Howard Euroscape has signed a joint-venture agreement with Japanese hotel operator Toyoko Inns to expand the chain in Europe.

27th January, 2007

Developer Frank Gormley of Howard Euroscape has signed a joint-venture agreement with Japanese hotel operator Toyoko Inns to expand the chain in Europe. The first phase of the contract is worth €100 million and involves the acquisition and development of five sites which will then be leased back to the operator.

The deal will involve Toyoko signing 30 year leases with upward only rent review linked to the retail price index. Gormley expects a 10per...

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