TRAVELODGE HAS BOUGHT THE LEASES on 52 Innkeeper's Lodges from restaurant and pub operator Mitchells & Butlers, boosting its portfolio to 452 hotels and more than 30,500 rooms.
The new acquisitions, which include a number of Grade ll listed buildings, range from 21 to 85 rooms and are all adjacent to Mitchells & Butlers pub restaurants. The budget hotel operator now plans to spend £10 million bringing the properties' 1,994 rooms into line with the Travelodge brand - building new reception areas, redecorating all properties, and replacing all beds. The refurbishments are expected to be completed by the end of this year.
Travelodge executive chairman Grant Hearn said: "This innovative deal represents the whole of last year's growth in one move, and highlights Travelodge's excellent position coming out of the recession.
"We have an aggressive growth plan in place and with this acquisition we are on track to more than double the size of Travelodge hotels over the next 10 years. We hope to explore further opportunities like this deal with other similar businesses."
- TRAVELODGE HAS OPENED its first hotel in Northampton. The former 57-bed Grand Hotel has had a £2.3 million facelift and gained eight extra rooms.