Travelodge is an operational business, whose expertise lies in providing a good night's sleep, at comfortable, affordable hotels, in great locations. In order to focus on this, we follow a leasehold business model, taking effective Full Repairing and Insuring, 25-year lease terms, with 5 yearly rent reviews in line with inflation. This allows maximum flexibility, enabling Travelodge to form part of mixed - use developments and sit comfortably within an overall investment package, in locations that we would not be able to afford on our own.

As Travelodge's enters into a large number of transactions to acquire new hotel sites every year, we have developed a series of standard contract documents, which have been refined and tested over several years. To save time and expense and in order to ensure consistency throughout Travelodge's portfolio, these standard documents must be used in all transactions (save in exceptional circumstances).

The standard Lease of Whole (to be used where Travelodge occupy the whole of a building) and the standard Lease of Part (where they share a building with other occupiers) have deliberately been drafted so as to represent a fair balance between the landlord and the tenant. The standard Agreement for Lease contains Travelodge's minimum requirements to ensure that the development works are carried out in accordance with their usual practice and to the necessary standards.

As proven by numerous open market investment sales during the last few years, these standard documents are institutionally acceptable and investment yields of between 5.25% and 6.5% have been achieved in the last 12 months for our standard form of lease.

Although most of Travelodge's new developments are developer-led, Travelodge does undertake some development itself, which it forward funds with a number of funding partners. This allows us to also consider freehold development opportunities.

Our Covenant Brochure provides a useful summary of the Travelodge Leasehold model, including Proforma Profit and Loss Account details.

Addleshaw Goddard is Travelodge's retained solicitor and if you have any queries regarding our standard forms of agreement, then please contact Addleshaw Goddard's Lucy Sturrock.

To download our standard forms of lease, please click the links below:-

	Travelodge Standard Lease of Part
	Travelodge Standard Lease of Whole