London Peckham Travelodge
We are delighted to officially open our 80th London hotel this month in Peckham. The 52-room hotel is located on Peckham High Street is the first branded budget hotel to open in the area and is located just a 10-minute walk from Peckham Rye station.
Peckham Travelodge is one of four hotels that we are planning to open in London this year and we are on the search for a further 127 hotels sites across the capital. This expansion programme would more than double our presence in London and could represent an investment of nearly £3 billion for third party investors and create over 6,000 new jobs.
We are also delighted to announce that we have acquired a 25-year lease over the former Ibis hotel in Wellingborough. The 78-room hotel is located at Wilby Way Roundabout junction by the A45 and is now trading but also undergoing a full upgrade to our latest budget-luxe design.
Agreement was reached between the previous owner and Accor, the former tenant, to terminate the lease of the Ibis hotel and a new hotel lease investment was forward sold to Cooper Estates on the basis of a simultaneous grant of a new, 25-year lease to Travelodge Hotels Limited, on standard, institutional terms, including 5-yearly rent reviews in line with CPI, collared and capped.
Willmott Dixon Interiors are on site upgrading the hotel to our Budget-Luxe hotel design, with all works to be completed this summer. This includes updating the reception area, the rooms and on-site restaurant.
This refit will include a number of sustainable initiatives, which includes carpet made from recycled fishing nets and plastic bottles, as well as low energy lighting to be installed throughout the hotel.
This acquisition joins a long list of hotels we have acquired over the years and converted into Travelodge hotels. The other brands includes: Holiday Inn Express, Ramada Encore, Mercure, Comfort Inn and Days Inn hotels. Interestingly, this is the first Ibis hotel we have acquired.
Commenting on the acquisition, Tony O’Brien, Travelodge UK Development Director said: ”Over the last five years, we have opened more than 60 hotels in the UK, Ireland and Spain. This has included new build, office conversations and acquisitions of other hotel brands. We have many years’ experience in converting other brand’s hotels into new Travelodges and are keen to acquire more going concerns throughout the country. We are currently searching for a further 300 hotel sites and we are open to all development types, as long as they are in the right location for a Travelodge hotel.”