The buildings opposite Liverpool Street station will have the upper floors converted into a hotel with retail use on the ground floor.

Jo Boydell, CEO of Travelodge, said: “The acquisition of 6 Broad Street Place and 15-17 Eldon Street marks another significant step in our UK development strategy as we continue to grow and optimise our hotel network.

“Office-to-hotel conversion is a sustainable way of developing, allowing us to meet the increasing demand for budget hotels while reducing the carbon impact that new development brings. We are also excited to expand our portfolio in London, where we currently operate over 80 hotels, with a further five developments underway.”

Travelodge continues to see significant growth opportunities in the UK, with over 300 target locations identified following a comprehensive market review.

The Group is successfully executing its development strategy, with 11 freehold and leasehold hotels opened in the year to date, and a further four hotels exchanged or completed. It is also exploring extension opportunities within its existing estate.