Travelodge reports 17.9% surge in revenue for H1
Budget hotel group Travelodge has reported a 17.9% rise in total revenue to £261m for the six months ended 1 July 2015, up from £221.3m in 2014.
The chain, which has 519 properties across the UK, Spain and Ireland, said that revenue per available room (revpar) had increased by 15.2% to £35.87 (2014: £31.14), while average room rate grew 11.4% to £48.19 (204: £43.27).
Occupancy was up 2.4 percentage points to 74.4% from 72% in 2014.
Peter Gowers, Travelodge chief executive, commented: "Customers are responding well to the upgraded quality levels driven by our £100m modernisation programme. Businesses are choosing Travelodge in ever larger numbers and families have welcomed the introduction of separate beds for children.
"Our development momentum is beginning to accelerate. We opened 5 hotels in the first half of the year and we expect to open a further 45 over the next 24 months.
"We have already exchanged contracts for more new rooms in the first half of 2015 than we did in the whole of 2014. Boosted by our strong trading performance and the attractions of the value segment, major developers and financial institutions are showing their confidence in the future of new Travelodge."
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