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Budget hotel chain Travelodge has announced it will be targeting cost-conscious business travellers looking for bargain alternatives to their trips to foreign countries. 

The announcement came after the chain reported a £5 million rise in annual revenue in 2016, as revenue rose year-on-year by almost seven per cent to almost £600 million.

There are currently a total of 543 Travelodge hotels offering 40,847 rooms across the world. A total of 19 of these were new hotels that opened last year and a further 15 hotels are expected to open in 2017, with this number expected to rise to as many as 25 new hotels by the end of next year.

Travelodge began its move to attract the business traveller market after the introduction of Travelodge Business, an account service set up for small and medium sized businesses so that they can stay in control of their business expenditure. This includes special rates, customised online billing and expense management tools and interest free credit provided by a third party credit card partner. Guests can also enjoy exclusive members benefits during their stay at Travelodge.

Travelodge chief executive Peter Gowers said: “We continue to focus on offering great value for money and have seen record growth from business customers, who now account for more than half of our sales.

“The UK is still short of good quality low-cost hotels and notwithstanding the short-term economic uncertainty, we see considerable further potential to expand our network over the years ahead, and expect to open an average of 20 hotels each year over the next three years.

“Clearly the macroeconomic picture remains uncertain and there are increased cost pressures from the national living wage, business rates and other regulated cost increases.

“However, our growing brand reputation and strong development pipeline position us well to benefit from the opportunities presented by businesses looking to reduce travel costs in uncertain times and leisure travellers opting for staycations as an alternative to higher priced foreign travel.”