Travelodge appoints new chairman ahead of 'significant' room refurb programme

Wallace fills a vacant post after Keith Hamill left the Oxfordshire-based business in July last year. Hamill had originally stepped up from his role as deputy chairman​ following the board's decision in April 2012 to appoint Grant Hearn to his second stint as chief executive.

The appointment comes less than six months after Travelodge announced it was entering a Company Voluntary Agreement (CVA) with its lenders.​ Now fully agreed, the £635m debt restructuring deal is expected to result in the sale of 49 properties and a £75m cash injection from the new owners.

"I am delighted to be joining Travelodge at an exciting time in its history," said Wallace. "The management team did a great job last year in successfully achieving the financial restructuring of the business.

"I am really looking forward to working with Grant and his team as Travelodge continues to focus on serving its customers, with a significant room refurbishment programme due to be launched shortly," he added.

Wallace, who joins the company with immediate effect, worked for Hilton Group for twelve years including a period serving as finance director. While combining that post with the duties of a deputy chief executive, the qualified accountant played a pivotal role in the sale of the company to Hilton Hotels Corporation in the USA.

Invaluable​

Travelodge chief executive Grant Hearn said he was 'really excited' to welcome Wallace to the role. "He has extensive experience of the hotel industry which will be invaluable as we continue to grow the Travelodge brand and deliver on our successful growth strategy," he said.

Hearn is currently less than a year into his second period in charge of the hotel operator after returning to the job from his post as executive chairman​ - a decision made by the board which resulted in the departure of former chief executive Guy Parsons. 

The pair will now lead the company through a busy period following the restructuring with a major investment programme planned and several sales of its c500 hotels now expected. 

Sunderland​

The appointment comes in the same week investment, development and asset management firm Kier Property has opened an 82-bedroom Travelodge hotel at a £6m leisure, entertainment and retail development in Sunderland.

The opening marked the practical completion of the third phase of the Sunniside development with the hotelier joining a number of restaurant operators including Nando's and Frankie & Benny’s in the heart of the city's so-called entertainment quarter.

Kier Property senior development manager, James Nicholson, said: "We are delighted to have completed the new Travelodge hotel on time, on budget and to a very high standard. This marks our continued investment in the area as we help to develop Sunniside as the principal leisure and entertainment quarter within Sunderland City Centre.

"With its unrivalled location, direct access from the university’s campus and halls of residence, the site is ideally positioned to attract business into the area," he added.