It comes as Travelodge’s owners are thought to be preparing to sell it for a potential £1bn.
Travelodge said underlying earnings for the year to 31 December 2014 were up 63.5% to £66.2m. Revenue last year rose 14.9% to £497.2m, while the key measure of revenue per room rose 16.8% to £34.24.
Travelodge said a £100m modernisation programme was now nearing completion, while five of 15 hotels new properties expected for 2015 were already open. The chain has opened more than 500 hotels since launching in 1985 and has identified 250 more sites across the UK. Mr Gowers said the first 150 were expected to be ready over the next eight years.