Travelodge has agreed a deal to acquire 11 hotels across the UK, adding to the company’s existing portfolio of 588 UK hotels.
Nine of the assets are former Campanile hotels, which provide 951 rooms. The hotels are located in Birmingham, Bradford, Dartford, Leicester, Liverpool, Manchester, Northampton, Milton Keynes and Swindon. Five will be acquired on a freehold basis and four will be acquired on a long leasehold.
The other two assets Travelodge has exchanged contracts on are a former 43-room Ibis hotel in Bromsgrove, which Travelodge has taken on a new 25-year lease, and a former independent hotel (CitiLodge) in Wakefield, which provides 74-rooms. The latter is being converted to the Travelodge brand and the company will enter into a new 25-year lease on the site.
The deals form part of the company’s focus on targeting rebranding opportunities as part of its UK and Spanish growth plans.
Steve Bennett, chief property and development officer at Travelodge, said: “The acquisition of these hotels marks another positive step in our UK development strategy, as we seek to grow and optimise our estate of hotels and enhance value by diversifying our freehold and leasehold split. There are still many locations throughout the UK and Spain where we can open a new Travelodge hotel, to provide great value and quality accommodation.
“Acquisitions of properties which can be rebranded to Travelodge are a key part of our development strategy, as we look to continue to grow our footprint. We have a requirement to open over a further 300 hotels across the UK, and are seeking prime opportunities when they become available.”
