Travelodge has secured funding for a new hotel in London’s Chiswick district.
The new-build property will be is located next to Chiswick Roundabout and Chiswick Flyover, and around 400 metres from Chiswick Business Park.
Facilities will include 113 rooms – featuring the group’s latest budget luxe design – situated across the ground floor and five upper floors.
RTP Global Real Estate Investments has purchased the site and committed to fund the development site for £19.4 million, with practical completion expected in the fourth quarter of 2023, at which stage the property will be single-let to Travelodge Hotels Limited on a new 35-year lease.
Commenting on the news Tony O’Brien, UK development director at Travelodge, said:
“As one of London’s biggest hotel brands, we are delighted to extend our hotel network in the Capital by developing a new budget luxe Travelodge hotel in the heart of Chiswick. This district is growing from strength to strength, but there is a desperate need for good quality and great value accommodation in the area and our hotel will help to attract new business and leisure visitors.
“This is great news for the local economy, as research shows Travelodge customers will spend at least double their room rate with local businesses during their stay, which equates to an annual, multi-million boost into the local economy.”
“Smith Jenkins did a great job of securing planning permission for the new hotel and we then decided to act as the developer for the scheme. After appointing Gerald Eve to find us a funding partner, we are delighted to have now exchanged our Development Funding Agreement with RTP Global Real Estate Investments, which will forward fund the development, with the hotel to be built by DNA Construction, one of Travelodge’s partnering contractors.”
For our recent round-up of new and forthcoming hotels in the UK capital, see: