Travelodge has announced plans for a major investment programme after acquiring the leases of 52 Innkeeper’s Lodges, totalling 1994 rooms, from restaurant and pub operator Mitchells & Butlers.
The 52 UK hotels, which include a number of grade ll listed buildings, range from 21 to 85 rooms and each one is adjacent to a Mitchells & Butlers restaurant and pub.
Travelodge has signed a 25 year lease on the properties and will embark on a £10m investment programme to convert the hotels to bring them in line with the Travelodge brand.
This investment will include: building new reception areas, replacing all the beds and decorating the hotels.
Travelodge’s executive chairman, Grant Hearn said: ““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 ten years. We hope to explore further opportunities like this deal with other similar businesses.”
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