K2 Group Announces the Acquisition of Travelodge Lundy’s Lane in Niagara Falls, Ontario
Today, Toronto-based K2 Group announces the acquisition of Travelodge by Wyndham Niagara Falls Lundy’s Lane. The hotel, a short jaunt from the Canada One Factory Outlets, is nestled among a host of vibrant and value-packed shopping, entertainment, and dining experiences. The Travelodge Lundy’s Lane is ideal for business and leisure travelers alike, allowing for productivity on the road without overcomplicating the guest experience.
The hotel boasts many amenities and services that give it a strong competitive edge over other hotels on Lundy’s Lane. The property will be fully-renovated with enhancements to the indoor and outdoor pools, restaurant, fitness center, meeting spaces, banquet halls and 118 guest rooms. A Starbucks Express is also slated to open on-site by the end of the year, and negotiations for a new franchise food and beverage offering are already underway to occupy the existing restaurant and will be announced soon.
“We are happy to welcome K2 Group as the newest owners of a Travelodge by Wyndham property within Canada,” says Trevor Hagel, Executive Vice President of Operations, Travelodge Canada. “As the current ownership and operating group of the nearby Ramada Fallsview, one of the only hotels in the region to have remained open throughout the pandemic, they will certainly provide strong leadership and leading-edge improvements to the property.”
“Through recent and pending transactional activity, we are refining, enhancing, and growing our existing hotel portfolio while increasing our exposure to a market with already strong growth trajectories,” says Kailash Kasal, President of K2 Group. “Niagara Falls is one of Canada’s most visited tourist destinations, and we look forward to working with Superior Lodging and Wyndham to enhance the already exceptional Travelodge experience and offer our guests the highest standard of hospitality.”
“We are excited to see K2 Group continue to invest in Niagara Falls,” says Mayor Jim Diodati, City of Niagara Falls. “We look forward to working closely with the K2 team as they continue their work in up-levelling and developing more properties in our community.”
According to the Niagara Tourism Profile, the region attracts more than 13 million tourists from around the globe each year. They arrive ready to spend, with tourism expenditures totalling $2.4 billion and $1.7 billion of that coming from overnight visitors. With proof of vaccination protocols steadily in effect and the Canada/U.S. land border now fully open, numbers are already recouping from COVID impacts, making K2 Group’s investment in the local hospitality sector a worthy and promising acquisition.
K2 Group holds investments under the umbrellas of hospitality, petroleum, and senior living, and was recently recognized as one of Canada’s Top Growing Companies for 2021 by the Globe and Mail’s Report on Business magazine. K2 Group strategically acquires assets with strong operating histories and income across market cycles. This off-market acquisition demonstrates K2 Group’s ability to source attractive opportunities in growth markets.
About K2 Group
K2 Group is a privately-held fully integrated company that strategically acquires, develops, constructs and repositions hospitality, petroleum and real estate assets throughout Canada. We endeavour to deliver sustained; above-market returns for our investors and partners by facilitating the flow of capital and knowledge to our projects. To learn more, visit k2group.ca
About Travelodge Canada
Superior Lodging Development TL Corporation, operating as Travelodge Canada, administers the Master License for Travelodge by Wyndham and Thriftlodge in Canada. Travelodge is one of Canada’s largest hotel chains with over 100 independently owned hotels and nearly 9,000 rooms. The brand is known for its affordable rates, free Wi-Fi and free breakfast or an onsite restaurant at every location. Travelodge is a member of the Wyndham Rewards loyalty program, allowing guests to earn points for free nights, gift cards or Aeroplan miles. To learn more, visit travelodge.ca
For more information - Kendra Thompson press@contraban.de
