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Travelodge reveals £40m Spanish investment
UK-based budget hotel operator Travelodge has continued its expansion into Spain with the launch of its fourth site in Valencia, which forms part of a £40m investment in the country.
The 116-room Valencia Travelodge is sited close to the city's airport and represents a £10m investment by the company, with the remaining £30m going towards a new Barcelona hotel.
Work has now commenced on the new ten-storey building that is set to house the 250-room Barcelona Rambla Poble Nou Travelodge, which is due to open in spring 2013.
The latest investment by Travelodge in the Spanish market will expand its portfolio to a total of five hotels, with properties already open in Madrid, Barcelona and Las Rozas.
Travelodge chief executive officer Guy Parsons said: "It's been a good summer for Travelodge with total sales growth of 21% and brand occupancy of 83 per cent across our Spanish hotels."
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