Travelodge has exchanged contracts with developer City & Suburban Homes for its first residential-to-hotel development on Greenwich High Road, SE10.
The site was originally bought by City & Suburban Homes with planning permission for 14 flats.
The original buyer pulled out and the developer failed to find another buyer.
Subject to planning permission, Travelodge will construct a 97-bedroom hotel at the site, representing a £5.5m investment.
The hotel will take the number of hotels that Travelodge has in
In 2008, Travelodge opened six hotels in buildings that were former office blocks, including its 190-bedroom hotel at
Travelodge has now opened 22 hotels in office conversions, encompassing sites such as Manchester Central and Watford Central. In 2009, Travelodge will be opening three further office conversions, all in
Paul Harvey, managing director for property development, Travelodge, said: “I am delighted that we have exchanged on our first development that was previously designated for residential use.
“Since the downturn began we have been offered over one hundred former residential sites but the vast majority are simply not suitable for development as a hotel. Clearly Greenwich High Road is an excellent location and I have no doubt this will become one of our strongest performing hotels.”
