Travelodge has introduced plans to broaden operations in Spain, with the addition of a 3rd Madrid property and the appointment of hospitality advisors Aldaba Companions to assist develop its portfolio within the nation.
The group has acquired the 78-room NH Villa de Coslada, located near the Civitas Metropolitano Stadium, IFEMA Conference Heart and Madrid Barajas airport.
The resort will likely be renamed the Travelodge Madrid Coslada Aeropuerto, with round £1 million being invested to amass the lease and refurbish the property below Travelodge’s newest budget-luxe design.
Work will start Might, and the resort will stay operational all through, with an official opening anticipated this summer time.
In the meantime Travelodge is concentrating on additional enlargement in Spain, with Aldaba Companions tasked with discovering appropriate websites and third celebration traders.
The group’s Spanish portfolio at the moment consists of three accommodations in Madrid (together with the addition above), two in Barcelona and one in Valencia.
Travelodge mentioned that it had commissioned analysis of the Spanish resort market which confirmed that there was “a major hole for branded, low price and good high quality lodging within the midscale and financial system section”.
“At current, the Spanish resort market is dominated by unbiased resort homeowners, franchise and administration settlement operators and shorter leasehold operators,” the group mentioned.
“Nevertheless, our analysis confirmed that traders are more and more in search of secure long run earnings streams in help of Spain’s rising tourism trade. This suits properly with Travelodge’s conventional long run mounted lease mannequin, as used within the UK.”
Key development areas for the model embody Barcelona, Madrid, Alicante, Bilbao, Granada, Malaga, Palma, Seville and Valencia.
Commenting on the information Steve Bennett, Travelodge’s chief property and growth officer, mentioned:
“The Spanish resort market is rising at tempo with demand exceeding provide and we need to take this chance to take the Travelodge model to new enterprise and leisure areas throughout Spain.
“With almost 4 many years of experience in working price range accommodations, a powerful model and a confirmed profitable long run lease mannequin in place, we are able to provide traders and landlords another long run earnings stream in Spain, while providing enterprise and leisure travellers extra selection and nice worth lodging.”
Travelodge not too long ago accomplished part 1 of budget-luxe improve programme, with a complete of 68 properties now that includes the idea.
The group operates a complete of 596 accommodations throughout the UK, Eire and Spain, and mentioned that “it’s our intention to improve all of our resort portfolio to the brand new budget-luxe format”, with part 2 of the rollout anticipated to be launched within the spring.
For our take a look at new and upcoming accommodations in Madrid (revealed in 2022), see: