Budget hotel operator, Travelodge, has written to 124 councils inviting them to borrow money from central government to regenerate land with its hotels.

This initiative follows the launch of Aylesbury Travelodge last week. The 81-bed property is part of an £18m regeneration project, financed by the Public Work Loan Board, which lends money at a low interest rate to regenerate surplus land.

“At a time when so many other town centre redevelopment projects across the country were being delayed, scrapped, or put on hold, we are delighted to have been able to push forward with our regeneration plans and secure an impressive yield on the site,” says Cllr John Cartwright, who has just stepped down after 11 years as council leader.

According to the recently launched PwC report into hotels, the industry has weathered the economic storm of the last three years and occupancy, room rates are all on the up.