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Another milestone on the long-awaited redevelopment of Farnborough town centre has been achieved with UK’s leading budget hotel operator Travelodge commiting to take space in the new scheme.

Travelodge has exchanged agreements with Key Property Investments Ltd, the joint venture between St Modwen Properties PLC and Salhia Real Estate Co.,for a 77-bedroom hotel within the Farnborough Town Centre regeneration area.

The hotel, fronting Victoria Road, will be three-storey and will be a vital anchor for the £75 million town centre redevelopment scheme

Simon Rutter of St Modwen, said: “The hotel will be an interesting addition to our proposals, adding vibrancy to the mix of uses in the scheme.”

Tony O’Brien, Travelodge Development Manager, said: “We are very excited to be opening the first branded budget hotel in the heart of Farnborough town centre and investing in the regeneration programme. The hotel is expected to open in 2007 and is part of Travelodge’s expansion programme to open a further 15,000 rooms in the next five years.” Key Property has also in the past few weeks exchanged agreements for the final relocation required for the new scheme. This and the road closure inquiry on January 24 form the only remaining third party milestones to be met before the scheme, on which Key Property and Rushmoor Borough Council have worked for the last five years, can start on site.

For further information contact Simon Rutter of St Modwen (020 7499 5666). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).