UK: Travelodge exchanges contracts on 12 hotels | ft.com

Travelodge has exchanged contracts on 12 new hotels and is forecasting a strong flow in investment deals this year, as developers struggle to find demand for office and residential properties. The budget hotel chain said the new hotels would add 1,400 rooms to its portfolio from next year. Their developers will have invested £77m ($108m) in the properties before they lease them to Travelodge.