BUDGET hotel chain, Travelodge has written to Teignbridge District Council proposing a new development partnership to finance the construction of a new Travelodge hotel in Newton Abbot.
Travelodge say the partnership will not only create jobs in the community but will also generate a profit for the council.
By borrowing money from central Government via the Public Works Loan Board at a fixed low interest rate, local authorities can regenerate surplus land that they own and generate double-digit profits on their investment.
Travelodge has already successfully opened two hotels in conjunction with local authorities via this innovative programme which includes an 81-room hotel in Aylesbury which officially opened this week and Eastleigh Central Travelodge, which opened earlier this year.
The Company is also in advanced negotiations with a further five authorities across the UK about similar deals.
Paul Harvey, Managing Director for Property at Travelodge Hotels, said: “Working with local councils in this creative way has been a great experience for us and as a result of these innovative development partnerships, we have today written to 124 councils, which includes Teignbridge District Council to see if we can work together on a similar partnership.
“If Teignbridge has suitable land or assets in a location that is viable for a Travelodge hotel, then we would be delighted to work with them to help boost their local economy, create new jobs within the community and generate a good return for their investment.”