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Budget hotel company Travelodge has announced its acquisition of seven new hotels for a combined investment of £69.9m ($137m)
Two properties have been bought from Swallow Hotels and a further five hotels have been purchased from a combination of new builds and properties already in operation.
The brand will invest £5m in refurbishing and branding the Swallow Hotel located in Scarborough and pending planning permission, invest £2m converting the Swallow Hotel in Edinburgh. Both hotels will be trading under the Travelodge brand by early 2009.
All seven hotels are located in England, Scotland and Wales and will add 699 rooms to the company's portfolio.
Of the £69.9m, £34.5m will be invested in the remaining five hotels which are located in London Finsbury Park, Porthmadog (Wales), Gloucester, Caernarfon (North Wales) and Egham (Surrey).
"As price and location continue to drive consumer behaviour we are seeing customers shift to budget hotel accommodation," said Travelodge property director Paul Harvey.
"These new hotels, in some of the top UK tourist spots, will add nearly 700 new rooms to our portfolio - helping us to make hotels available to more people than ever before.
"We continue to actively seek and pursue, new development and growth opportunities are looking to open a further 4000 new rooms in 2009."