Easyjet founder Sir Stelios Haji-Ioannou has raised £30m on London’s junior stock exchange AIM for EasyHotel, just half of the £60m he hoped to raise.
Shares in the company are valued at 80p, valuing the whole company at £50m.
Sir Stelios will own 55.7% of the company while the rest will be owned by new institutional investors.
Sir Stelios said: “This is a great business model which will continue to prosper as it grows and meets the demand of budget conscious travellers around Europe and beyond.
“The transparency and scrutiny of the public markets will also allow me to step back from the company and enable me to focus on continuing my diversification strategy into other business and philanthropic activities.”