• Sleeperz to open second hotel

Sleeperz, the budget hotel brand, is to open its second site, in Newcastle, in October next year.

The brand, which plans to develop sites close to railway stations, currently has a hotel in Cardiff. The group has raised £7m in equity finance from current investors and a new investor, Connection Capital, which will be used to create a portfolio of 10 hotels by 2015.

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