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Travelodge has announced a rise in profits of more than 60 per cent for 2014, as speculation mounts over a potential takeover.
The budget hotel chain said underlying profits for the year ending December 31 2014 were up 63.5 per cent to £66.2 million.
Total revenues were up 14.9 per cent to £497.2 million and 2014 RevPar surged 16.8 per cent to £34.24.
According to The Times owners of the hotel group are preparing to appoint advisors to consider strategic options that include a sale that may value the company at more than £1 billion.
“The momentum we saw in 2014 has continued into the New Year and we have seen an encouraging start to 2015,” said Travelodge CEO Peter Gowers.
“The value hotel market remains strong and we continue to outperform our competitive set. We see considerable potential for further like-for-like sales growth and are targeting the roll out of the brand to at least 250 further sites across the UK.”
Travelodge said the positive results have been helped by its £100 million modernisation programme which is nearing completion. Around 90 per cent of guest room have now been refurbished and the new properties are securing an average Tripadvisor score of 4 out of 5 stars.
In February, Travelodge announced it would open 15 hotels in 2015.