MADRID (Reuters) -Spanish hotel group Room00 said on Tuesday it had raised 400 million euros ($444.4 million) in new equity from investment fund King Street Capital Management to finance its expansion
Room00 Raises $444 Million for London Expansion Efforts
MADRID (Reuters) -Spanish hotel group Room00 said on Tuesday it had raised 400 million euros ($444.4 million) in new equity from investment fund King Street Capital Management to finance its expansion in London.
The company did not disclose its valuation after the capital injection.
The privately held company runs 50 high-end hostels in Spain, Italy and Portugal with about 2,500 individual and group rooms designed for young tourists.
Room00 intends to buy 20 assets in London with as many as 1,000 rooms, it said.
The company, owned by Spanish businessman Ignacio Requena, has recently bought a series of hostels and intends to leverage on the current Southern Europe tourism growth to expand elsewhere.
($1 = 0.9002 euros)
(Reporting by Inti Landauro; Editing by Kirsten Donovan)
