Travelodge is launching its 500th hotel today, in Stratford, east London, and has also announced plans to open a further 184 hotels across the capital by 2025.
The company, which last week hit the headlines after it emerged it was to be taken over by two American hedge funds, plans to open at least one hotel in each of London's 32 boroughs.
It is seeking to develop a total of 7,820,400sq ft - the largest requirement of any business in London.
The 184 new hotel openings will create around 5,000 new jobs across London and 10% of these positions will be recruited via JuMP - Travelodge's Junior Management Apprenticeship Programme.
This morning Tourism Minister John Penrose MP officially opened London Stratford Travelodge. The 188-bedroom modular-build property, which is located a few minutes' walk away from the Olympic Stadium is a £15.5m investment and has created 30 new jobs within the community.
Travelodge chief executive Guy Parsons said: "To open our 500th Travelodge hotel yards from the entrance to the Olympic Stadium is a milestone that everyone in the company is extremely proud of. Travelodge has come a long way since it opened its first hotel back in 1985 on the A38 in Barton-Under-Needwood."
"In 2010, at the opening of our 400th hotel, we said that we would be the biggest hotelier in London in time for the 2012 Olympics and true to our word we have achieved this target. When the games start on 27 July, we will have 53 hotels in the capital but our London growth story is only just beginning."
"London is very unique city. It is a metropolis made up of 32 boroughs and the City of London. Each has its own economy, culture, identity and history. In central London the quality, budget hotel market has a good presence. However, in flourishing boroughs where regeneration is a big priority - such as Barnet, Ealing, Lewisham or Wandsworth - it's non-existent and we now want to focus on these growth hotspots."
Hotel industry consultant Melvin Gold said: "In our most recent UK hotel study, findings revealed that just 17.1% of hotel rooms in London were in the branded budget category, compared with more than 28% in other large UK cities such as Manchester, Birmingham, Leeds and Glasgow.
"This emphasises the further need for branded budget accommodation in the capital. Visitors to the city for the games are typically seeking quality, value-for-money accommodation, as are the millions of visitors pouring into the city annually during ‘normal' times."
Penrose said: "Tourism is one of the largest industries in the UK and it is vital that we offer a broad spectrum of hotel provision. The budget sector is really growing in Britain and I look forward to opening Travelodge's 600th in a couple of years' time!"
Travelodge currently has 47 hotels and 6,531 bedrooms in the capital and is on target to open a further six hotels in London before the Olympic Games start. Locations include: Teddington, the ExCel Centre, Sidcup, Enfield, Woolwich and Balham.
By Neil Gerrard
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