The move will create a refurbishment work boom as the hotels are modernised and rebranded.

Travelodge has also signed a new partnership with Arcadia Group Ltd to fund construction of a 96-room hotel above its Topshop store in Edinburgh’s Princes Street.

The development is scheduled to open in summer 2012 and Travelodge has agreed a 35 year lease with Arcadia.

Some of the other locations for the acquired hotels include: five London sites: Walthamstow, Enfield, Bethnal Green, Sutton and Southgate. As well as: Edinburgh Queen Street, Eastleigh, Loughborough, Sittingbourne, Bedford, Gatwick Airport, Darlington, Altrincham, Malvern, Aylesbury, Newquay, Woking, Glasgow Airport, Hemel Hempstead, Kings Lynn and Barcelona.

Travelodge opened 18 hotels in the first half of 2011 and is currently building 43 hotels with 21 due to open before the end of this year.

Chief executive Guy Parsons said: “The strength of Travelodge’s growth model has clearly been demonstrated, with the first six months of 2011 being the strongest in the Company’s history.

“We are not just exchanging contracts but most importantly finance is being secured upfront, to enable our developers to start on-site immediately.

“Everybody knows how difficult it is to obtain bank funding at the moment, so to have financed so many new schemes must be one of the biggest success stories of the UK property industry”.

Travelodge said future growth is expected to be fuelled via new development, acquisition and conversion of independent and mid-market hotels which are not modern enough for the current market.

Parsons, said: “Today’s consumers want the certainty and services offered by branded budget hotel operators.

“They are moving away in significant numbers from the independent, unbranded accommodation sector, much of which is of poor quality. This trend is set to grow further and Travelodge is stepping in to give customers what they want – a good night’s sleep at an affordable price in great locations.”