Travelodge plans to add 100 properties by 2024 and says it is on track to introduce 20 hotels this year, with most arriving in fourth quarter.
According to a press release from the company, Travelodge remains on track to introduce 20 hotels this year, with most arriving in the final quarter.
Last year, Travelodge introduced 17 new hotels, including a 395-room London property, its first new-build. In its full-year results, the company reported revenue increases of up to 8.8 percent, with revenue per available room (RevPAR) rising 3.2 percent. This number, according to its calculations, placed it 2.3 points above average among the budget-hotel sector.
Occupancy rates rose to 78.5 percent, a gain of 2.5 points for the chain. According to Travelodge, this increase has helped offset the effects of the increasing minimum wage, higher business rates and the cost of improvements.
Travelodge’s CEO Peter Gowers addressed the company’s future, noting, “These are uncertain times and we are not immune from the short-term challenges, but beyond, we remain confident that there are more opportunities ahead.”
Looking back at the past five years, Travelodge attributed its gains to its growing presence in city centers, business parks and leisure destinations. A shift from its start as a roadside chain, the company now brings in most of its revenue from its city center properties. At year-end 2018, Travelodge had 575 hotels with 43,840 rooms.