Tue, 05 Jul 2011 | COMMERCIAL PROPERTY
Hotel giant Travelodge has acquired 22 new hotels across the UK, in a deal estimated to be worth around £165 million.
The chain’s new purchases – which include hotels based at Glasgow Airport, Gatwick Airport, Newquay in Cornwall and Sittingbourne in Kent – are set to spark a refurbishment work boom as each of the purchases is rebranded.
Five of the hotels are based in London – including in Walthamstow, Bethnal Green and Southgate - with the total 22 hotels comprising 2,198 hotel rooms overall.
Travelodge has also signed a new partnership deal with Arcadia Group Ltd, the clothing retailer, to construct a 96-room hotel above Arcadia’s Topshop store in Princes Street, Edinburgh. The new hotel is slated to open in the summer of 2012, and will be operated on a 35-year lease with Arcadia.
As part of its plans to have 1,100 hotels located across Europe by 2025, Travelodge has already opened 18 hotels this year, with 43 more in the pipeline. Twenty-one of those 43 are expected to open to customers before December 2011.
Travelodge chief executive, Guy Parsons, told Construction Enquirer, “The strength of Travelodge’s growth model has clearly been demonstrated, with the first six months of 2011 being the strongest in the Company’s history.
“We are not just exchanging contracts but most importantly finance is being secured upfront, to enable our developers to start on-site immediately,” he added.
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