Budget hotel chain Travelodge – which operates across the UK, Ireland and Spain – has said it is “well-positioned” for future growth after strong customer demand drove record revenues during 2023.
Adjusted pre-tax earnings rose by nearly 15% to £243.9m and revenue surged to a record level, eclipsing the £1bn mark for the first time to hit £1.03bn.
The company – which trades in Ireland under the Travelodge and Travelodge PLUS brands – said it sees huge growth potential in Spain and also expects to benefit from a growth in staycation patterns in the face of cost inflation.
Jo Boydell, Travelodge chief executive, said: “I am delighted that Travelodge has delivered another record performance in 2023, with revenue above £1 billion for the first time. Our results reflect the hard work and commitment of our teams and the underlying strength of our business.”
“We saw several record-breaking trading days and weeks during the year, with highlights including Wimbledon, driving our highest ever revenue in London, and Eurovision, our biggest event of the year, as well as strong demand for networking at business conferences and trade fairs, such as World Travel Market which saw over 40,000 people attend. Travelodge is well positioned in the budget hotel sector, with robust demand from our diverse mix of leisure and business customers who choose to stay with us for quality, affordable accommodation.”
