CITY WELCOMES LATEST BUDGET ANNOUNCEMENT
12th Sep 2005
TRAVELODGE OPENS IN LONDON EC1
- £55 Million Investment.
- City Road Travelodge will be the biggest new-build project to date.
Today, Travelodge, the UK's number one budget hotel brand, has announced that it has been successful in acquiring Number One, City Road, London, EC1. The site comprises the Grade II listed Lowndes House and car park.
The building, famously known as the headquarters for Singer - the sewing machine manufacturer, will be converted into a 394-bedroom Travelodge hotel with a Bar Café and retail / A3 on the ground floor and basement.
The hotel is expected to open in 2007 and Travelodge will retain a 35- year lease on completion of the development. The £55 million investment is expected to create around one hundred and fifty new jobs. The development will be part new build and part conversion, sympathetically designed to take into account the nature of Lowndes House. The ground floor will include a number of retail outlet and A3 units.
The scheme has been designed by Moren Gregory architects and reflects a high quality design for a low-cost operation.
Ben Roberts, Travelodge Development Director said: "We are the only UK budget hotel operator to have an aggressive expansion programme in place and it's a great accomplishment for Travelodge to attain such a prestige position within the city where property is scarce and heavily priced".
"Our goal is to open 15,000 rooms over the next 6 years, with 2,500 opening in 2005. With such a challenging target, it's my team's sole function to find suitable sites in the UK upon which we can build."
The budget hotel sector is the fastest growing part of the UK hotel business with the highest returns. The sector is expected to grow to 100,000 rooms by 2010, with Travelodge being the biggest contributor.
Walker Morris, one of the largest teams of commercial property law specialists worked with Travelodge to secure the City Road development.
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Note to Editors:
- Over six million people stay with Travelodge every year
- Travelodge currently has 274 hotels throughout the UK, located in most major city centres, near attractions and airports
- Travelodge was named joint number one hotel in the UK and the number one budget brand by the BDRC British Hotel Guest Survey 2005.
- Travelodge offers an online booking service at www.travelodge.co.uk and also via telephone on 08700 850 950
- Travelodge room rates start from just £26 (£46 for Central London) per room, per night. (£26 room rates are subject to availability and can only be booked online)
- Family rooms can accommodate two adults and two children under 16