Travelodge, the budget hotel chain, has exchanged contracts for a hotel development close to Waterloo in London.
Developer Ebury Securities, run by David Kaye, plans to convert St Georges House at 195-203 Waterloo Road to create a 284-room budget hotel and 14,000 sq ft of offices.
Planning for the hotel has been approved by Southwark Council and construction is due to start mid 2008. The development will complete by winter 2009.
Tony O’Brien, Travelodge’s development director said: ‘We have pledged to invest over £900m in London. With the Olympics on the horizon, London will see a significant increase in business and leisure visitors from all over the world. We want to give these visitors every reason to return up to and beyond 2012 and increasing the availability of low cost accommodation in the city is central to achieving this.’
Travelodge aims to add on average 4,000 rooms every year up to 70,000 rooms by 2020.
The Waterloo hotel will add an extra 284 family rooms to the area.