Travelodge to invest £140M on new UK hotels

U.K.-based budget hotel chain Travelodge, which needed a bailout by Goldman Sachs and two U.S. hedge funds just four years ago, has announced plans to invest £140 million on 19 new properties this year.

According to the Telegraph, the first new hotel will open in Weston-super-Mare, followed by properties in Finsbury Park, Raynes Park and Finchley in London, as well as locations in East Grinstead, Andover, Bicester, Glasgow, Kings Lynn and Stirling. In total, the chain will have 542 hotels.

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Since the 2012 bailout, Travelodge has spent £100 million updating its rooms under the authority of new CEO Peter Gowers, who was hired in 2013 from InterContinental Hotels to turn the company around.

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