The deal sees Travelodge acquire the leases of 52 Innkeeper’s Lodges from restaurant and pub operator Mitchells & Butlers.
This deal will boost Travelodge’s estate to 452 hotels and increase its room stock to 30,504 across the UK, Ireland and Spain.
The 52 UK hotels, which include a number of grade ll listed buildings, range from 21 to 85 rooms and are adjacent to a Mitchells & Butlers restaurant and pub.
Travelodge has signed a 25 year lease on the properties and will embark on a £10m investment programme to convert the hotels to bring them in line with the Travelodge brand.
This investment will include: building new reception areas, replacing all the beds and decorating the hotels.
It is anticipated that the hotels will be fully operational under the Travelodge brand within four months and rooms will be available from £19 in line with Travelodge’s pricing policy.
Travelodge’s Executive Chairman, Grant Hearn said: “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.”