Budget hotel chain Travelodge has exchanged contracts on five UK-based hotels, worth £31m.
The hotels will add 500 rooms to the company’s portfolio, and are located in Cornwall’s Newquay, Lancaster, Blackpool, Hounslow in London and Birmingham Perry Barr.
Hotels in Blackpool and Lancaster are due to open in December, while hotels in Hounslow, Newquay and Birmingham are due to open in 2009.
All five will operate under the group’s “preferred leasehold” model.
Paul Harvey, Travelodge’s property director, said the exchange demonstrated the chain’s “ambitious development pipeline”.
He said: “We are on track to meet the target set out in January to add 4,000 new rooms to our portfolio by the end of the year. This exchange also extends our footprint to three central locations in Blackpool, a key tourist destination in the UK.”
The company recently announced its plans to support a campaign encouraging people to holiday in the UK, and has plans to open 55 new hotels in coastal towns by 2015 as well as expanding its presence in Europe.
Travelodge intends to treble the size of its estate by 2020, targeting a 10% share of the UK hotel market.
The company currently operates over 330 hotels in the UK and served over six million customers in 2007.
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By Gemma Sharkey
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