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Budget Hotel Chain
Travelodge and Arcadia team up for new Edinburgh hotel
Hotel chain Travelodge has revealed it is to open a new hotel in Edinburgh.
The new addition is part of a joint venture with retailer Arcadia Group and will be located just above the Topshop store on Princes Street, a famous shopping precinct.
Another new Travelodge is currently under construction on Queen Street. Both are expected to open in summer 2012.
The budget hotel chain has said it agreed a 35 year lease with Arcadia Group Ltd., which represents a ?10million investment.
Travelodge chief executive Guy Parsons has publicly noted that growth in Edinburgh is a major priority for the company. He also commented that "The demand for low cost, good quality accommodation in Edinburgh is a growing market and we are still looking to further invest in Scotland's capital."
Menzies goes into administration
Menzies Hotels has gone into administration after a decision by Lloyds to restructure ?230m of debt in the chain, Estates Gazette this morning reported.
It is another part of Robert Tchenguiz’s former property empire to have collapsed, says The Times. Holding company Piccadilly Hotels was placed in KPMG’s hands last week and the 16 Menzies properties immediately sold to a management buyout team in a pre-pack deal. Six budget hotels leased by Travelodge will be sold “in due course”.
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