Travelodge has officially opened its sixth hotel in Spain - in Coslada, Madrid.

To mark the special occasion, the group hosted a ceremonial event which was attended by the landlord, investors, property agents and key British and Spanish stakeholders.

Travelodge signed a 20 year lease of the former NH Villa De Coslada, Madrid and has since refurbished and rebranded the 78-room hotel to become the Travelodge Madrid Coslada Aeropuerto, which features an on-site restaurant, bar and car-park.

Travelodge has invested €1 million in updating the hotel to Travelodge’s latest premium look and feel. The hotel is situated close to the Civitas Metropolitano Stadium, IFEMA Convention Center and Madrid airport - making it an ideal base for both business and leisure customers.

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Madrid Coslada Aeropuerto Travelodge is the group's third hotel in Madrid and its sixth in Spain. It also operates two hotels in Barcelona and one in Valencia.

Travelodge has worked closely with a consultancy team at Christie & Co, the leading European real estate advisory firm, who have prepared a strategic expansion report on the development opportunities offered by the Spanish hotel market.

The study identified the potential for an additional 15,000 branded rooms in the Economy and Midscale segment of the Spanish hotel market within the next five years, through a combination of new developments and conversions of existing hotels.

The potential growth in the Spanish midscale and economy hotel market provides a huge opportunity for investors, who are looking for solid long-term income streams - and aligns well with Travelodge's expansion plans.