Travelodge signs seven new hotels
Budget hotel chain Travelodge has bought two properties from Swallow Hotels and exchanged on a further five hotels in a combined deal worth £70m.
The seven hotels will be leased by Travelodge, and are located in England, Scotland and Wales, adding 669 rooms to the company's portfolio.
Travelodge will invest £5m refurbishing and rebranding the Swallow Hotel in Scarborough and £2m converting the Swallow Hotel in Edinburgh.
Both hotels are set to be trading as Travelodge by 2009.
The budget hotel company will invest £34.5m in the remaining five hotels in London's Finsbury Park; Porthmadog in Gloucester; Caernarfon, Gwynedd and Egham, Surrey.
Travelodge's property director Paul Harvey said the group was continuing to see "customers shift to budget accommodation".
The company recently opened a new £36m, 202-bedroom hotel in Southwark. The hotel is being run as part of a Local Employer Partnership (LEP) scheme, which Travelodge signed up to last autumn.
As part of the scheme the operator is looking to recruit half of the hotel's workforce from the ranks of London's long-term unemployed via Jobcentre Plus.
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By Gemma Sharkey
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