Travelodge buys six new hotels

Budget hotel chain Travelodge has acquired six new leasehold hotels for a total consideration of £85 million from the Menzies Group.

The deal, which was completed in conjunction with R20 - the private investment vehicle of Robert Tchenguiz - will add 719 rooms to Travelodge's portfolio, representing 18 per cent of its 2008 target.

The company will invest £14 million in converting the hotels, located in Edinburgh, Bath, Newcastle, Coventry, Oldham and Stevenage.

All six are expected to be trading under the Travelodge brand within the next 12 months.

Paul Harvey, Travelodge's property director, said, "All of these properties are fantastic additions to our estate and we are looking forward to offering the Travelodge product to thousands of new customers through these hotels."

The news follows an announcement made by Travelodge earlier this month that it has bought nine new hotel development sites for £28.3 million, adding a total of 568 rooms to its portfolio.

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