Budget hotel chain Travelodge has confirmed that it has retained 578 of its properties, equating to over 98 per cent of its 2019 EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization).
The figure – announced in the group’s trading update for the first nine months to September 30, 2020 – comprises of 563 hotels in mainland UK, ten in Ireland and Northern Ireland, and five in Spain. Nine of these hotels have opened this year.
Earlier this year Travelodge entered into a company voluntary arrangement (CVA), which included a break clause for landlords wishing to change brands.
Earlier this month Business Traveller reported that two properties in Bury St Edmunds and Uxbridge had made the decision to switch from Travelodge to Premier Inn.
It is also understood that nine hotels have signed agreements with AGO Hotels, a group set up in partnership with Accor to rebrand properties under Accor’s Ibis offering.
But in a statement Steve Bennett, Travelodge property director, said:
“While the Covid-19 situation has created unprecedented challenges for the whole UK hospitality industry, we have worked closely with our landlords to try to find the best possible path forward.
“With the overwhelming support and commitment of so many landlords across the country, we now have a strong, diversified and well invested network that leaves us well positioned for the recovery.
“The Group would like to thank its landlords for their overwhelming support and will continue to work closely with all its stakeholders over the months ahead.”