CORRECTION Travelodge to invest 1 bln eur in Spain |
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Mon, 19 Nov 2007 07:56
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(Corrects headline in yesterday's story to read 1 bln eur)LONDON (Thomson Financial) - Travelodge, the UK budget hotel chain, said it is to invest 1 bln eur in Spain, opening 100 hotels and creating 2,000 jobs by 2020.It will initially target major cities including Madrid, Barcelona and Valencia before rolling out to other major cities, suburban areas and airports. Each hotel will have around 80-100 rooms.'A burgeoning tourism market, favourable economic conditions and significant growth in internet usage were the key drivers in the decision to expand in this region,' said Travelodge, owned by Dubai International Capital, in a statement.It added the expansion follows the pilot of three Spanish hotels -- two in Madrid and one in Barcelona.'While there is a very strong growth outlook in the UK for the next 10-15 years, we have demonstrated through our pilot that the Travelodge model works in Spain and the time is right to capitalise on this demand,' chief executive Grant Hearn said.monicca.egoy@thomson.commbe/jag/nesCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Travelodge to invest 100 bln eur in Spain 