Budget chain Travelodge is investing £14m in three going concern hotels, in York, Edinburgh and near Stansted Airport.
The 104-room York Micklegate Ramada Encore will be rebranded as the York Central Micklegate Travelodge; the 70-room Best Western Stansted Manor Hotel becomes the Bishops Stortford Travelodge; and a 43-room independent hotel becomes the Edinburgh Central Rose Street Travelodge.
The three boost Travelodge’s portfolio to 395 hotels and over 28,000 rooms.
The chain said ‘all non-essential and ancillary items’, such as fridges, trouser presses and ‘unnecessary bathroom toiletries’ have been removed and the hotels have undergone a refurbishment programme to reflect its ‘low-cost philosophy’.
In addition, a new pricing policy has been introduced, cutting the lowest room rate to £19, from £65 at the Best Western and £53 at the Ramada.
Paul Harvey, Travelodge managing director for development and international, commented: ‘Despite the challenging property market, we are delighted to have secured these three properties, which are located in key business and leisure locations.
‘The economic climate has accelerated the forecasted structural change of the hotel market as consumers have chosen low-cost, quality accommodation rather than over priced full service and mid-market establishments.
‘This is resulting in Travelodge winning new customers and also acquiring hotels in key locations.’
Dubai International Capital-owned Travelodge plans to grow its estate to 70,000 rooms and approximately 1,000 hotels by 2020.
See also:
Travelodge to invest £115m this year (07/01/2010)
Travelodge outlines latest expansion (03/11/2009)
Travelodge claims UK budget first (16/09/2009)
Travelodge adds mix of leisure and corporate stock (17/07/2009)
Travelodge continues €1bn Spanish expansion (03/07/2009)