Japanese hotel group Toyoko Inn has teamed up with Irish investor Frank Gormley of Howard Euroscape to expand the chain in Europe. The first phase of the contract is worth EUR 100 mln and involves the acquisition and development of five sites that will be leased back to Toyoko Inn, Irish business newspaper Sunday Business Post said at the weekend.

Japanese hotel group Toyoko Inn has teamed up with Irish investor Frank Gormley of Howard Euroscape to expand the chain in Europe. The first phase of the contract is worth EUR 100 mln and involves the acquisition and development of five sites that will be leased back to Toyoko Inn, Irish business newspaper Sunday Business Post said at the weekend.

Toyoko Inn is focusing on the UK and Europe, but Gormley told a property conference in Ireland last week that there is a chance the joint venture may also open hotels in the US. The Japanese group operates 100 hotels in Japan and one in China. The newspaper did not mention possible locations for the European outlets.