Travelodge major expansion plans

BUDGET hotel chain Travelodge has announced plans to invest £3.5bn to develop 1,000 extra hotels nationwide and create more than 10,000 jobs. The group said it wants to capture ten per cent of the hotel market by 2020.

Read more about Travelodge's plans to invest in the region in tomorrow's paper.

Ultimate acquisitionBAR and club operator Ultimate Leisure Group has acquired a number of venues from Gourmet Holdings. The Newcastle-based group has paid out £8.75m for the four sites. The acquisition is subject to approval by Gourmet's shareholders.

Mortgage lending grow down

UNDERLYING net mortgage lending growth slowed last month, according to figures released by the British Bankers' Association. It said mortgage lending rose by £5bn in April, down from an increase of £5.1bn in March and below the recent average of 5.4bn.

The figures suggest four interest rate rises since August may be starting to dampen the housing market.

For more business news pick up a copy of tomorrow's 16-page Business Echo supplement