Travelodge has announced it has secured three hotel sites through partnerships with local authorities. The deals represent £11.5m of investment by the company.
New Travelodge hotels will be built as part of regeneration schemes with Cherwell district council, Bicester; Breckland council, Thetford, and Reigate & Banstead borough council, Redhill.
Hotels in the programme are built on surplus local authority land with the funding provided either through the council’s internal resources or via low-cost funding from the Public Works Loan Board or third-party resources.
Once the developments are completed local authorities can either retain ownership of the hotel and use the rental income from Travelodge to support the funding, or sell the hotel with Travelodge as its operator and retain the development profits for the benefit of local communities.
Peter Gowers, Travelodge chief executive, said: “We are delighted to be working with leading local authorities to help local communities realise the income potential, job creation and other community benefits that a Travelodge-backed development scheme can bring to their area.
“There are considerable further growth opportunities for Travelodge in towns and cities right across Britain and we are looking forward to adding further hotels to the portfolio as we extend the programme over the years ahead.”
