One of the most central hotels in Coventry is up for sale again.
The former Leofric Hotel in Broadgate, which was rebranded as the Travelodge, has been put on the market with five other UK Travelodge hotels.
The hotel is up for sale as part of the Travelodge hotel chain’s financial restructuring plan. The company needs to write off £700 million debts and offload 49 of their hotels.
The 120-room Coventry hotel is being sold by specialist property advisers Christie & Co on behalf of Picadilly Hotels.
Director of hotels and licensed division for Christie & Co, Gavin Wright, said: “Given the strategic location of these Travelodge hotels and the potential for new operators to explore re-branding them in both budget and mid-market segments, we expect a great deal of competitive interest.”
Travelodge which owns more than 500 hotels throughout the UK are also trying to reduce the rents at around 109 of its hotels as part of their controversial rescue deal. The company originally said that they were not planning on closing any of their hotels or making any job losses.
The Coventry Travelodge opened three years ago after the Leofric closed in 2008.
Travelodge spent £4 million on renovations for the hotel; they removed the conference and banqueting facilities and added a further 26 rooms to the property.
The other Travelodges going up for sale are in Bath, Edinburgh, Newcastle, Oldham and Stevenage.
The Leofric was built in 1950 and was one of the first hotels to be built in the area after the Second World War. It was seen as a symbol of Britain’s recovery.