Budget hotel chain Travelodge has opened two hotels in London as it sets to launch a further 20 properties across the capital over the next five years.
The new 113-bedroom Beckton and 78-bedroom Dagenham hotels, which have opened at a combined cost of £22m from third party investors, have boosted the Travelodge portfolio to 589, including 77 properties in London.
Located in the recently completed SEGRO Park Newham, the Beckton represents an investment by landlord SEGRO, while the Dagenham property has been built in partnership with Barking & Dagenham Council and Be First, the council’s regeneration organisation.
Tony O’Brien, UK development director, Travelodge, said: “As we look to the future, London is a world class destination for leisure and business travellers however there still remains a desperate need for more good quality, low cost accommodation; especially across the boroughs.
“Currently the budget sector accounts for 23% of the London hotel market. This is well below the national average. Also with the average hotel price currently at almost twice the level of the UK regions, consumers are crying out for more good quality, low-cost places to stay throughout the capital.
Travelodge’s expansion programme could represent an investment of £350m by third party investors with the creation of around 500 jobs.