Travelodge targets malls
Published: 15 December, 2015
After three new deals Travelodge has written to 20 mall landlords offering to take on underused assets within their centres
Travelodge has exchanged contracts for three new hotels in the heart of shopping centres in Wood Green, Burgess Hill and Bromley. These three deals represent a combined investment value of £22m and now the budget hotel chain is on the loookout for more.
The Mall, yards from Wood Green underground station, is owned by Capital & Regional. Subject to planning Travelodge will be opening a 78-room hotel, co-locating with the existing retailers which include: Cineworld cinema, Primark and many other major high street stores. The hotel is scheduled to open at the beginning of 2017.
The Martlets shopping centre in Burgess Hill is owned by NewRiver Retail and a planning application has been submitted for a major refurbishment project that will include a Cineworld cinema and a 63-room Travelodge Hotel. Subject to planning the hotel is forecast to open end of 2017.
The Mall, in the heart of Bromley, is owned by Henry Boot Development. Travelodge has exchanged contracts for a 58-room hotel, which is scheduled to open in summer 2017.
These three hotels will join Travelodge’s existing group of seven shopping centre hotels which include intu Trafford Centre, Meadowhall, intu Metrocentre, Cathedral Plaza Worcester, Edmonton Green shopping centre and the Stamford Quarter in Altrincham. In addition Travelodge has also exchanged contracts to build a 74 room hotel at intu Lakeside.
Paul Harvey, Travelodge’s managing director – property said: “Building a Travelodge hotel in a shopping centre is a win-win solution. It helps shopping centre owners to add value, generate additional income and increase football by developing underused assets such as: empty office space, the top of low rise buildings and car parks. Our customers benefit by being located in a desired quality location with a host of shops and restaurants on their door step.
“As part of our UK expansion programme we have identified the potential to open a further 250 hotels. To support this development and to leverage the interest shown by our recent shopping centre partnerships, we have written to UK parent companies of shopping centres, to explain the benefits of utilising underused assets within their holdings.”