A BUDGET hotel being planned in the heart of Basingstoke will give a £1million boost to the town’s economy.

That’s the view of bosses at Travelodge, who have submitted a planning application to Basingstoke and Deane Borough Council to build an 88-bedroom hotel in Victoria Street, Fairfields.

If approved, the existing empty office block, formerly Barclays House, will be razed and replaced by a new five-storey building which includes ground floor retail space.

It is claimed the new hotel – which would be the first one to be built in the town for 20 years – will also provide 30 jobs.

Guy Parsons, chief executive of Travelodge Hotels Ltd, said: “Our customers tell us they want a hotel in the heart of Basingstoke.

This proposed development is the perfect location for a hotel and we have no doubt it will prove to be a hit with our guests.”

The ambitious scheme does not propose any on-site parking, but claims visitors will be able to use any of the surrounding pay-and-display car parks operated by the borough council.

Bosses behind the bid say a study conducted back in 2007 identified the need for a budget hotel in Basingstoke, and that visitors will contribute £36 a day to the local economy during their stay. Based on average occupancy, they say the hotel will add more than £1million-a-year to the town’s coffers.

The proposals are expected to come before borough planners in the next few months.