Travelodge, the budget hotel operator, has exchanged contracts with a trio of pub companies to acquire four hotels, totalling £10.4m in total. The company has joined forces with Greene King, JD Wetherspoon and Mitchells & Butlers to acquire the assets. A 60-bed hotel in Darlington with Mitchells & Butlers opening an adjacent Harvester pub/restaurant is expected to open in spring 2012. A 68-bed hotel in King’s Lynn with Greene King opening an adjacent Hungry horse pub. A 71-bed hotel in Stevenage with an adjacent M&B Miller and Carter pub. And a 60-bed hotel in Fort William with JD Wetherspoon opening a 6,000 sq ft outlet below the hotel. Tony O’Brien, UK development director at Travelodge, said: “Teaming up also means that developments that are not affordable for either party individually become available. A number of the operators are now taking standard retail leases on institutional terms, like we do, and the combined hotel and pub development is attractive to banks, funders and investors.”