Travelodge snaps up six London properties for £84m

30 July 2009 by
Travelodge snaps up six London properties for £84m

Budget hotel chain Travelodge is to expand by a further six properties in the capital in a deal worth £84m, which will make it the largest hotel brand in London by 2012.

The six London hotel exchanges will be a mixture of office developments and new-builds across five London boroughs in Drury Lane, Covent Garden; Ealing; Stratford; Harrow Lyon Road; Harrow Sheridan House; and Bromley.

Travelodge's chief executive, Grant Hearn, said: "We have long stated our aim of being the lead brand in London by the time of the games and we are pleased that this will now be achieved. The Olympics is a once-in-a-lifetime opportunity for the tourism industry and we intend to take it with both hands."

The news comes less than a month after Travelodge announced the launch of its £100m Tamesis property fund, a war chest that will enable the company to swoop quickly on hotels that are a going concern.

Earlier this month, Travelodge also announced the £70m exchange of 12 properties outside of the capital.

It currently operates 32 hotels in London and, with the seven hotels currently under construction and the six exchanges announced today, Travelodge will operate 45 hotels (6,482 rooms) in the capital by the summer of 2012.

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By Gemma Sharkey

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