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Travelodge has acquired a 155-year long leasehold interest in 6 Broad Street Place and 15-17 Eldon Street from the City of London Corporation.
Located opposite Liverpool Street station, the acquisition covers two prominent adjacent buildings, totalling 58,893 sq ft net internal area, which are currently vacant and awaiting refurbishment.
Subject to planning permission, Travelodge will convert the upper floors of both buildings into a hotel with an 85 Bar Café, offering a “relaxed space” for guests to eat and drink. The project will also reinstate pre-existing retail uses on the Ground Floor of 6 Broad Street Place.
The acquisition is an example of one element of Travelodge’s UK development strategy, sustainably expanding its network of hotels by converting existing, vacant office and retail buildings into new hotels.
Travelodge said it continues to see “significant” growth opportunities in the UK, with over 300 target locations identified following a comprehensive market review.
The group is successfully executing its development strategy, with 11 freehold and leasehold hotels opened in the year to date, and a further four hotels exchanged or completed. It is also exploring extension opportunities within its existing estate.
Jo Boydell, CEO of Travelodge, said: “The acquisition of 6 Broad Street Place and 15-17 Eldon Street marks another significant step in our UK development strategy as we continue to grow and optimise our hotel network.
“Office-to-hotel conversion is a sustainable way of developing, allowing us to meet the increasing demand for budget hotels while reducing the carbon impact that new development brings. We are also excited to expand our portfolio in London, where we currently operate over 80 hotels, with a further five developments underway.”
