The hotel chain Travelodge has reported a £54 million increase in turnover.
A total turnover of £680.2 million in 2018 was up from £624 million in 2017, according to results filed with Companies House.
Travelodge Hotels, the group’s UK and Ireland business posted the results for the year ending 31 December 2018, reporting like-for-like revenue per available room growth of 3.2 per cent.
The budget hotel group also reported strong revenue growth in food and beverages, as well as the maturity of 17 hotels opened in 2018, and 15 opened in the previous year.
Travelodge launched their ‘Travelodge Plus’ hotels last year, reporting that their City of London location is performing in line with expectations.
Occupancy increased by 2.5 per cent, as earnings before interest, tax, depreciation and amortisation grew by £10.2 million to £119 million.
Travelodge manages, leases and franchises 575 hotels in the UK, Ireland and Spain, and expects to open a further 20 hotels this year.
The company has said that trading in the first quarter of 2019 has been mixed, with strong growth in London offset by poor performance in other parts of the UK. Travelodge acknowledged that Q1 is usually the smallest revenues and lowest occupancy rates.
The company remains optimistic but said they are maintaining a ‘cautious short-term outlook’ due to the cost pressures in the sector and the uncertainty in the UK economic situation.