Travelodge has acquired 52 hotels from Mitchells & Butlers and plans to spend £10 million refurbishing and rebranding them.
The UK’s fastest growing hotel chain will boost its estate to 452 hotels as part of the biggest transaction in the hotel sector since 2008.
Travelodge executive chairman Grant Hearn said: “This innovative deal represents the whole of last year’s growth in one move and highlights Travelodge’s excellent position coming out of the recession. I believe this deal also signifies a great move for Mitchells & Butlers as they refocus on value and growth from their core pub brands. We are very excited to be part of such a ground breaking deal.
“We have an aggressive growth plan in place and with this acquisition we are on track to more than double the size of Travelodge hotels over the next ten years. We hope to explore further opportunities like this deal with other similar businesses.”