Travelodge exchanges contracts with Invesco Real Estate for its seventh hotel in Bristol
Travelodge has exchanged contracts for a seventh hotel in Bristol with Invesco Real Estate, the global real estate investment manager, on behalf of one of its separate account clients.
The proposed 85-room hotel is located adjacent to Abbey Wood Shopping Park and offers easy access to the M4, M5, the city centre and is situated close to Bristol’s Ministry of Defence offices – which is also the largest MoD office in the UK.
Travelodge opened its first hotel in Bristol in 1994 and with this new hotel it will operate seven hotels across Bristol.
The hotel will be developed to Travelodge’s new budget luxe premium look and feel design. This is the group’s most radical transformation to date and this new format has been created on the success of the group’s budget chic hotel format, TravelodgePLUS with feedback from the company’s largest consumer study – which surveyed around 5,000 UK business and leisure travellers to find the psychographics of the modern budget traveller. Key findings revealed that modern travellers crave style, choice and little homely touches to make it easier to work, rest and relax both inside and outside of the room.
In response to this consumer insight, the Travelodge interiors team have remodelled their core product with a new budget luxe design that includes all the low cost efficiencies you would expect from Travelodge but with the added benefit of thoughtful, stylish design and homely touches throughout its interiors. See notes to editors for further information on Travelodge budget luxe.
The hotel will also feature an on-site restaurant called The Bar Cafe which will offer breakfast, dinner and bar service.
The project will be developed and funded by Invesco Real Estate, and will also include a new Greggs standalone unit. Construction will be undertaken by Marshalls Construction and commenced last month.
Tony O’Brien, UK Development Director, Travelodge, said: “We are delighted to be expanding our hotel network in Bristol to seven properties and building our first new- build Bristol budget luxe hotel. This is our biggest brand transformation to date and has been created in response to ever increasing expectations from customers. Britain is now a nation of budget travellers, with more of us choosing to stay in budget hotels than any other hotel type and thoughtful, stylish design and homely touches really matter in today’s world when staying away for business or leisure.
The city is growing from strength to strength and there is a desperate need for more good quality and low cost accommodation in central locations across the city. We are delighted to have exchanged contracts with Invesco to support our Bristol expansion programme and look forward to this new Travelodge opening in 2024.”
Ciaran Butler, Director of Investment Management at Invesco Real Estate comments: “This investment aims to provide secure long-term inflation linked income through exposure to the mid-scale and economy hotel sector, which is enjoying strong performance relative to pre-pandemic levels. This development is a compelling addition to mix of uses and occupiers at Abbey Wood Retail Park, and in our view should provide mutual benefits to all our tenants and customers.”
Clive Power, Savills (who acted on behalf of Invesco Real Estate) comments: “The location of Abbey Wood Shopping Park lends itself well to hotel accommodation, being located off the northern ring road, close to Parkway station, the large Ministry of Defence site adjacent and University of West of England. The Shopping Park already offers a diversified portfolio of businesses from retail to leisure and this latest deal will expand the income profile for Invesco further.”
Travelodge currently operates six hotels in Bristol in the following locations:
- Bristol Central Mitchell Lane
- Bristol Central, Anchor Road
- Bristol Filton, Concorde Roundabout
- Bristol Cribbs Causeway
- Bristol Emersons Green, Fieldfare
- Bristol Avonmouth, Central Park