Hotel chain eyes Taylor Swift and AC/DC boost after record revenue
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Your support makes all the difference.Travelodge has said it could see a boost from Taylor Swift and AC/DC concerts this summer after it posted record revenues for last year.
However, the budget hotel chain saw softer sales growth at the start of 2024, amid a quieter period for both business and leisure travel.
Jo Boydell, chief executive of the business, said it was nonetheless “encouraged” by the rise, of around 2% at the start of the year, and stressed that bookings are ahead of levels seen a year earlier.
The boss said that the hotel group is optimistic that growth can improve further through the year, with potential boosts from sporting and cultural events.
“We have solid bookings for Easter and beyond this year”, Ms Boydell said.
“There are plenty of events we are looking forward to, like the Lionesses at Wembley, we are seeing positive sales around the Grand National and FA Cup semi-finals.
“In the summer we also have big concerts like Taylor Swift and AC/DC that people will be booking for.”
The chief executive said the company is tapping into demand from leisure and business customers “for strong value”, after increases in the cost-of-living.
Nevertheless, she said Travelodge could increase prices again later this year amid cost inflation of between 5% and 6%.
It came as the firm said it posted a statutory profit for 2023, as earnings grew by 14.6% to £243.9 million.
Meanwhile, revenues jumped by 13.7% to £1.04 billion for the year.
It hailed strong customers demand as events such as Wimbledon helped to spark record London revenues.
Sales were also supported by strong demand around Eurovision and the significant recovery in face-to-face business conferences.
Ms Boydell added: “I am delighted that Travelodge has delivered another record performance in 2023, with revenue above £1 billion for the first time.
“Our results reflect the hard work and commitment of our teams and the underlying strength of our business.”