Budget hotel chain seeks new development sites in the region
Budget hotel chain Travelodge has written to Exeter City Council proposing a partnership to finance the construction of a new hotel in the city.
The company has already opened two hotels – in Aylesbury and Eastleigh – in conjunction with local authorities borrowing money from central government via the Public Works Loan Board. It is also in advanced negotiations with a further five authorities across the UK about similar deals.
The company argues that by borrowing money via the Public Works Loan Board at a fixed low interest rate, councils can regenerate surplus land that they own and generate double-digit profits on their investment.
Travelodge is currently looking to boost its portfolio in Exeter. The budget hotel chain already has 12 hotels across Devon, employing 180 staff.
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Paul Harvey, managing director for property at Travelodge Hotels, said: "Working with local councils in this creative way has been a great experience for us."