In a further sign of the woes gripping the property market, Travelodge says it has been offered over 100 former residential sites for conversion into hotels since the beginning of the downturn.
The budget hotel chain has signed an agreement to build a hotel on a site in Greenwich that had previously been earmarked for 14 flats. According to Travelodge the residential agreement fell through soon after planning permission was granted, allowing the hotel chain to step in and develop a 97-room property on the site.
"I am delighted that we have exchanged on our first development that was previously designated for residential use,” said Paul Harvey, managing director for property development at Travelodge,
"Since the downturn began we have been offered over one hundred former residential sites but the vast majority are simply not suitable for development as a hotel. Clearly Greenwich High Road is an excellent location and I have no doubt this will become one of our strongest performing hotels".
Travelodge says it will also open three office-conversion properties in London this year, and has recently announced plans to develop joint hotel / supermarket projects with budget brands Aldi and Lidl (see online news January 5).
For more information visit travelodge.co.uk.
Report by Mark Caswell