UK budget hotel chain Travelodge has announced the addition of seven new properties to its portfolio.
Travelodge acquired two hotels from Swallow Hotels and exchanged on a further five for a combined investment total of £69.9m.
The seven hotels, which will follow Travelodge’s preferred leasehold model, are located in England, Scotland and Wales and will add 669 rooms to the company’s portfolio.
Travelodge will invest £5m in refurbishing and branding the Swallow Hotel in Scarborough and, pending planning permission, will spend £2m converting the Swallow Hotel in Edinburgh.
Both hotels will be trading under the Travelodge brand by early 2009.
A further £34.5m will be invested in the remaining five hotels, located in London’s Finsbury Park, Porthmadog, Gloucester, Caernarfon and Egham.
By Elizabeth Clifford-Marsh