Travelodge concludes business negotiations with hotel chain
Travelodge acquires 52 new venues from Mitchells & Butlers
Travelodge has acquired 52 new venues after concluding business
negotiations with Mitchells & Butlers.
The firm has confirmed that it is to acquire 52 new hotels from
Mitchells & Butlers.
Under the terms of the agreement, the budget hotel chain will
take on the pub and restaurant group's venues on a
25-year-lease.
It is anticipated that £10 million will be invested in
converting the properties into Travelodge hotels, with the move set
to create more than 200 new jobs while also supporting 430 existing
positions.
Announcing the news, Travelodge chairman Grant Hearn said: "We
have an aggressive growth plan in place and with this acquisition
we are on track to more than double the size of Travelodge hotels
over the next ten years."
He also suggested that the firm could soon be putting its
negotiation skills to the test again, stating that it is keen to
"explore further opportunities like this deal with other similar
businesses".
This takes the number of hotels operated by Travelodge to 452,
with the company now offering more than 30,000 rooms.
The news comes as the Manchester Evening News has reported that
the accountancy group Montpelier, which is based in the city, is
looking into possible acquisitions in both Birmingham and
Newcastle.