Travelodge targets expansion in Spanish market

Low cost accommodation company Travelodge has earmarked £700 million of investment towards building 100 hotels in Spain.

The UK hotel group plans to build all of the hotels within a 12-year time frame.

Among the locations identified as sites for the 80-100 person capacity hotels are Barcelona, Madrid and Valencia.

Grant Hearn, Travelodge chief executive, said: "We are very excited about our plans for Spain - an important part of Travelodge's longer-term growth strategy.

"While there is a very strong growth outlook in the UK for the next ten to 15 years, we have demonstrated through our pilot that the Travelodge model works in Spain and the time is right to capitalise on this demand."

The firm will face serious competition in the Spanish market, which already has 100 budget hotels.

News of Travelodge's expansion plans comes as earlier this year it announced plans to open 40 new hotels every in the UK until 2020.

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