Travelodge has acquired the leases to 52 Innkeepers Lodges from pub operator Mitchells & Butlers, a move that will add nearly 2,000 rooms to its inventory.
The budget hotel chain’s portfolio will subsequently rise to 452 hotels and 30,500 rooms across the UK, Ireland and Spain.
Travelodge claims it is the biggest transaction in the hotel sector since 2008 and that it will embark on a £10million investment programme to bring the properties in line with the Travelodge brand. It anticipates this process will be complete within four months.
Travelodge’s executive chairman, Grant Hearn, says, “This innovative deal represents the whole of last year’s growth in one move and highlights Travelodge’s excellent position coming out of the recession.”
He continues, “We have an aggressive growth plan in place and with this acquisition we are on track to more than double the size of Travelodge hotels over the next ten years. We hope to explore further opportunities like this deal with other similar businesses.”
The 52 additions include two properties each in Birmingham, Cardiff, Glasgow, Liverpool, Newcastle and Portsmouth, and one at Gatwick.
