Travelodge Cashes in on Credit Crunch
LONDON, UK, October 27, 2008. Hotel chain Travelodge is to open 22 new sites in the run up to Christmas, creating 450 new jobs, the company has announced.
Travelodge, owned by Dubai Investment Capital, is seeking to capitalise on the downturn. The investment of lb125 million equates to one hotel opening every six working days, including in Heathrow, Cardiff, Edinburgh, Hereford, Torquay, Blackpool, Caernarfon, Worthing and Wolverhampton.
Travelodge was the first budget hotel brand to launch in the UK in 1985, and now operates 339 hotels, employing 5,000 staff. Paul Harvey, managing director for development at Travelodge, said: "The credit crunch is forcing people to review their spending habits and we are seeing more customers shift to budget hotel accommodation. These 22 new hotels, in some of the top UK locations, will add 1,949 new rooms to our portfolio - helping us to make hotels available to more people than ever before. We continue to actively seek and pursue new development and growth opportunities as we are looking to open a further 4,000 new rooms in 2009."
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