Entrepreneur Duncan Bannatyne will today unveil a new Hotel Bannatyne in Durham, the first of five new openings he is opening as part of a £15m investment.
The hotels will adopt a new concept in pricing and marketing, using an online model based on the travel market where early bookers are rewarded.
Normally discounts in the hotel sector are available to guests who book late but the pricing model, aimed at short-stay business clientele and tourists, enables guests who book in advance to have accommodation at a low rate, starting at £20 per night.
"Affordability is the key nowadays and there are not many hotels that offer guests modern and comfortable accommodation at such a low price," said the Dragons' Den star Bannatyne.
"Customers who travel extensively lose out when booking hotels in advance but with the new early-booking system business travellers who book early can take advantage of the low prices."
By Daniel Thomas