Travelodge acquires hotel in Wakefield
Travelodge, the UK’s first budget hotel brand, which operates over 600 hotels across the UK, Ireland and Spain, has agreed to acquire the former independent hotel, CitiLodge, in Wakefield.
Travelodge has agreed a 25-year lease with the building owner and will begin refitting the 74-room hotel this month, with a target of opening the hotel for business by August 2025.
The site is ideally located in the city centre, an easy three-minute walk away from Trinity Walk Shopping Centre, and only a 14-minute walk from the nearest train station.
Travelodge operates a well-diversified, high-quality network of hotels across major cities and towns in the UK. As part of its UK development strategy, the group continues to expand through the selective acquisition of existing hotels (Going Concerns) that meet its locational and branding criteria. This sustainable growth approach enables Travelodge to open in target locations without lengthy planning applications, efficiently repurposing assets under its standard leasehold model while maintaining brand consistency.
Earlier this year, Travelodge exchanged on a deal for a former Ibis hotel at London Bromley Mall. Additionally, the group acquired another going concern to its portfolio in Bromsgrove.
Steve Bennett, Chief Property and Development Officer, comments: “Travelodge is thrilled to continue the expansion of our network of hotels across the UK. We have entered into a 25-year lease to operate this new hotel in Wakefield, and we are sure it will be a terrific addition to our growing portfolio.
“We currently operate 586 Travelodge hotels across the UK; there are still many locations with significant demand for quality, good value accommodation. We are actively pursuing new opportunities to grow our network, and have 19 locations on our North East target requirements list.
“We are open to a variety of development types, including office conversions, acquisitions of going concerns, and forward funded new developments, and we are looking to explore any potential prospects.”
For more information about our target requirements visit: https://www.travelodge.co.uk/our-business/property/development-and-funding/
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About Travelodge
Founded in 1985, Travelodge is Britain’s very first budget hotel chain and today is one of the largest budget hotel chains in the UK, with a portfolio of over 600 hotels and over 47,000 bedrooms across the UK, Ireland and Spain.
In Spain, Travelodge has an established profitable presence and has ambitious growth plans within this market and has identified the top key locations where it would like to open additional hotels in Spain.
Welcoming over 22 million guests annually across the UK, Ireland and Spain, the majority of Travelodge hotels are located in major cities, towns and holiday hotspots as well as by airports and key business hubs. With over 95% of its hotels rated 4* or above on TripAdvisor, Travelodge is proud to offer guests across its diverse customer base a good value experience – whether they are travelling for business or leisure.
Whether out celebrating a birthday, going to a concert or sporting event, visiting friends and family, taking a business trip, working away from home, or taking a short break, we help people to go and do their thing by Being the Brilliant Base.
Travelodge continues to invest in its ongoing hotel refit programme and has already upgraded over 50% of the Travelodge room estate to its new design. The brand is also continually evolving its quality offering to deliver a better experience for its diverse mix of business and leisure guests such as its new look Bar Cafe design, 85 Bar Café, which has been rolled out to selected UK hotels as part of the refit programme.
Travelodge is focusing on its environmental and social impact, with sustainability integral to its business strategy. Its Better Future sustainability plan aims to build a more sustainable future for its customers, colleagues and the planet, underpinned by three core pillars: Inclusive – ensuring we are accessible, inclusive and well-priced to our customers and colleagues; Caring – creating a caring and healthy environment for our colleagues and customers and ensuring their wellbeing; and Conscious – Travelodge is conscious of its impact on the planet, taking into account the waste it produces, the energy and other resources it consumes and the carbon emissions it generates.
For further information visit travelodge.co.uk or the Travelodge Hotels Limited LinkedIn page.