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Travelodge targets councils to help them build more hotels
Travelodge is targeting councils to help finance new hotels following the success of new Travelodge hotels in Aylesbury and Eastleigh.
The hotel chain has written to 124 local councils persuading them to borrow money from the Government via the Public Works Loan board at a fixed low interest rate and regenerate surplus land they own by building a Travelodge.
It says it is in advanced negotiations with five other local authorities across the UK for developments utilising land and assets owned by the councils.
Aylesbury Travelodge, which officially opened last week, was funded by Aylesbury Vale District Council as part of a £18 million regeneration project including a Waitrose supermarket, a 270-space multi storey car park and the Travelodge hotel.
The rental deal agreed between Travelodge and the District Council, plus the income from the other site occupiers, means Aylesbury Vale District Council is set to generate a double digit return on its investment.
Paul Harvey, Travelodge managing director for property said: "The deals we have done so far have provided a great investment opportunity for both parties and as a result of this innovative calibration, we have today written to 124 other local authorities across England & Wales to see if we can work with them on a similar scheme."
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