Budget hotel group Travelodge has posted a record financial performance for the first nine months of the year, with the positive momentum continuing into the last 3 months of the year.
Total underlying revenue was up by nearly 17% at £782m, while earnings rose 22.4% to just over £201m.
Jo Boydell, Travelodge Chief Executive, said: “I am pleased to announce a record performance for the quarter, reflecting continued demand from Travelodge’s diverse range of leisure and business customers who seek affordable, quality accommodation.
“We continue to invest in our business to drive growth and strengthen our brand proposition. Our room and hotel transformation continues at pace – we will have refitted approximately 25% of the room estate by the end of this year, with plans to accelerate this investment to upgrade approximately 50% of the room estate by the end of 2024. We also launched our multi-million-pound “Better get a Travelodge” advertising campaign in September.
“We are encouraged to see the positive trading patterns continuing into Q4 as we benefit from staycations, event bookings and continued demand from customers seeking value for money. Travelodge’s affordable proposition, together with our well-invested and diversified hotel network, positions us well to deliver long-term growth.”
