Travelodge has reported that total underlying revenue rose 16.7% to £782m, with adjusted profits increasing 22.4% to £201.2m, for the nine months ended 30 September.
Travelodge attributed its third quarter performance to top-line growth that was driven by robust demand from business and leisure customers.
The third quarter was also bolstered by strong leisure and sporting event bookings for the Edinburgh Festival and Wimbledon Championships.
In the first weeks of the fourth quarter, Travelodge’s accommodation revenues were also 6% ahead of 2022 levels.
The group will continue to accelerate its hotel refit programme, with plans to upgrade approximately 50% of its room estate to new design by the end of 2024.
Jo Boydell, chief executive of Travelodge, said: “I am pleased to announce a record performance for the quarter, reflecting continued demand from Travelodge’s diverse range of leisure and business customers who seek affordable, quality accommodation.
“We are encouraged to see the positive trading patterns continuing into Q4 as we benefit from staycations, event bookings and continued demand from customers seeking value for money.”
He added: “Travelodge’s affordable proposition, together with our well-invested and diversified hotel network, positions us well to deliver long-term growth.”