Easyhotel PLC (LON:EZH) have announced a new chief executive officer in an update on Tuesday.
The firm said that they have appointed Francois Bacchetta as chief executive officer and he is expected to join the company in Spring.
Easyhotel said that Bacchetta is joining the company from easyJet PLC (LON:EZJ) and comes at a period of turbulence for the firm.
The hotel provider said that he has “significant experience” operating in the European travel market including easyHotel’s core growth countries in continental Europe.
Before joining Easyjet, Bacchetta held numerous senior roles including senior marketing positions at global cosmetics group L’Oreal SA (EPA: OR).
“Importantly, Francois has a strong understanding of the “easy” brand and was responsible for the country and growth strategies for his region, whilst bringing experience of managing online trading including digital marketing,” easyHotel said.
Harm Meijer, non-executive chair of easyHotel, said: “Following a comprehensive search, we are pleased that Francois is joining us to lead easyHotel in its aspiration to become a European leader in the super budget hotel segment.”
François Bacchetta added: “easyHotel is a business I greatly admire and I am thrilled to be appointed. With a strong hotel network established in the UK, I believe this is a very exciting time for the brand and I look forward to leading the expansion in Europe as the Group seeks to become a leader in the budget hotel space.”
Turbulent 2019 for easyHotel
In May, the firm said that it had swung to a half year loss.
The budget hotel operator revealed a loss before tax of £0.12 million for the six months to March-end, down from £0.09 million.
The company also said it had invested £14.2 million in new hotel development, alongside £30.3 million in cash.
easyHotel also confirmed £33.9 million of bank financing headroom at the end of the period.
“The hotel market outlook remains uncertain, particularly in the UK where the ongoing Brexit negotiations continue to dampen consumer confidence. We are by no means immune, but the maturing profile of our hotels and our strong development pipeline will support continued growth and enhance our earnings profile. Combined with the careful control of our central costs, these efforts give the Board confidence in meeting its expectations for the year ending 30 September 2019.”
Certainly, the new appointment will signal to shareholders that the firm are making an effort to turn business around in testing market conditions.
Shareholders will be keen to see how the firm responds in the medium and long term and should expect positive results across 2020.
Shares of easyHotel trade at 88p (+1.03%). 7/1/20 13:44BST.
