Hotel chain Travelodge secures site in Greenwich
Budget hotel chain Travelodge is expanding its offering in south east London with a new site next to Greenwich DLR and train stations.
The 104-bedroom facility will sit within The Movement development - a mixed use site currently under construction to provide apartments, a health club and business units - after a deal was made with joint venture partners Cathedral Group PLC and Development Securities PLC.
Experienced Travelodge constructors Anglo Hunt will take on the building work in October, with the doors due to open in September 2014.
The hotel - which will be just a few minutes DLR ride away from the chain's branch in Deptford - is expected to create more than 20 jobs and generate additional revenue within the local economy.
Tony O'Brien, UK development director for Travelodge Hotels, said: "It is a fantastic location and a great development to be part of.
"We have two other hotels in the borough, opposite Deptford Bridge DLR Station and in the centre of Woolwich and both trade really well.
"This new hotel is fantastically located for the National Maritime Museum and the Cutty Sark and, being next to the DLR and mainline station, it is also great for getting into central London."
The first Movement residents will be moving into their homes this winter and during the next 10 years it is estimated the scheme - including the hotel - will generate a combined £275million for the local economy.
The joint venture partners have also completed forward funding to an American private investor for £8.6million - with the investor stumping up cash for the hotel's construction.
Andrew Storey, development director at Cathedral Group, said the deal unlined the developer's skill in generating value from mixed use sites as well as achieving its desire to "create great places".