Travelodge has exchanged contracts for a further three new hotels
Travelodge is delighted to announce that contracts have been exchanged for the development of three new hotels in Bristol, London Chiswick and Rotherham.
London Chiswick Travelodge
Travelodge has secured development funding to deliver a new, purpose-built hotel scheme in Chiswick. The property consultancy, Gerald Eve, were appointed to seek funding for the new development which is located next to Chiswick Roundabout and Chiswick Flyover and situated only 400m from Chiswick Business Park.
The funding partner, RTP Global Real Estate Investments, have purchased the site and committed to fund the development site for £19.4m and simultaneously retained Travelodge Hotels Limited as the development manager for the scheme, which will comprise a 113-bedroom hotel, arranged over ground and five upper floors.
Upon practical completion, anticipated for Q4 2023, the hotel will be single-let to Travelodge Hotels Limited on a new 35-year lease, with 5-yearly, index-linked rent reviews. The purchase price reflects a funding yield of 4.75%.
Travelodge is one of the largest budget hotel chains in the Capital and operates hotels in 31 out of 33 London boroughs.
Bristol Abbey Wood Travelodge
This hotel is the group’s seventh hotel in Bristol. The proposed 85-room hotel with on-site restaurant called the Bar Cafe is located adjacent to Abbey Wood Shopping Park and offers easy access to the M4, M5, the city centre and is situated very near to the Ministry of Defence’s Bristol office, which is also the largest MoD office in the UK.
The project will be developed and funded by Invesco, acting as a discretionary fund manager for Greenspruce LP, a Barclays wealth fund, and will also include a new Greggs standalone unit. Construction will be undertaken by Marshalls Construction and works have commenced on site, with anticipated completion in Q1 2024.
Rotherham Travelodge
Construction has recently started on site of a new Travelodge in Rotherham. This 69-room hotel will be the group’s 36th hotel in Yorkshire and it is the county’s first new-build budget luxe Travelodge hotel. It represents a multi-million investment for the landlord, Rotherham Metropolitan Borough Council and will create around 25 new jobs within the community. The hotel is being developed by Muse Developments and the contractor is Bowmer and Kirkland. Rotherham Travelodge is scheduled to open in 2024.
All of these new hotels will be developed to Travelodge’s new budget luxe premium look and feel design. This new design has been created on the success of the group’s budget chic hotel format, TravelodgePLUS with feedback from the company’s largest consumer study – which surveyed around 5,000 UK business and leisure travellers to find the psychographics of the modern budget traveller. Key findings revealed that modern travellers crave style, choice and little homely touches to make it easier to work, rest and relax both inside and outside of the room.
In response to this consumer insight, the Travelodge interiors team have remodelled their core product with a new budget-luxe design that includes all the low cost efficiencies you would expect from Travelodge but with the added benefit of thoughtful, stylish design and homely touches throughout its interiors.