To recap, I recommended buying the shares at 83p ('Check in for a profitable booking', 14 Dec 2015), advised running profits at 95p ahead of a trading update ('A profitable booking', 14 Apr 2016), and again the following month at 100p ahead of the company’s interim results (‘easyHotel ramps up opening plans’, 25 May 2016). I wasn’t disappointed and with the shares drifting back on profit taking I decided to upgrade my advice to buy again at 80p, targeting a return to 100p (‘Time to check in again’, 21 Jun 2016). The share price is unchanged since then even though the company continues to ramp up its hotel opening programme, both for its owned estate and its fast growing franchise network.
Value accretive hotel expansion programme