Travelodge committed to expansion despite ‘uncertain times’
Travelodge expects to open 100 hotels in the next five years, despite acknowledging these are ‘uncertain times’.
Releasing its results for 2018, chief executive Peter Gowers said: "These are uncertain times and we are not immune from the short-term challenges, but beyond, we remain confident that there are more opportunities ahead."
In the last five years, the group has more than trebled its profitability and opened more than 60 new hotels.
"The long-term growth opportunities for the budget sector remain strong and we expect to open 100 new hotels over the next five years, creating approximately 3,000 jobs," said Gowers.
Travelodge delivered total revenue growth of 8.8% in 2018, with 3.2% like-for-like RevPAR growth and a significant contribution from new hotels opened since 2017.
But it said the UK economic situation remains uncertain and there are ‘well documented cost pressures facing the wider sector, which together lead us to maintain a cautious short-term outlook’.
At the end of 2018, the Travelodge network stood at 575 hotels across the UK, Ireland and Spain with a further three opened shortly after the year end.~
Travelodge expects to open 20 new hotels this year with the majority scheduled to open in the final quarter.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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