The hotel, which is to be built on the former site of Wight Motors in Lind Hill, will have 41 rooms and is set to employ around 10 staff as well as 40 construction team members for the build.
Paul Harvey, Travelodge managing director for property, said:
“We are very excited to be starting on site to build a hotel today (Tuesday) in such a prime location in Ryde.
“We have been looking for a new site in Ryde for some time, and our second hotel on the Isle of Wight will be a great addition to the Travelodge portfolio and offer consumers more choice for good value accommodation.”
Travelodge already operate one hotel on the Island in Newport, which opened in 2007.
The brand new hotel is planned to open it’s doors in the Spring.