Wigan-based Shearings already operates 46 properties and aims to buy four more sites during the next 12 months. It is also looking to spend £6m on its existing hotels, as revealed in the Manchester Evening News in March.
Shearings is currently the sixth biggest budget hotel operator, the sector's fastest-growing area. It is the country's ninth largest hotel company overall.
Chief executive Denis Wormwell, 46, who succeeded John Slatcher last September, said: "The number of independent travellers opting for hotel breaks in the UK is steadily increasing, which is why we want to hit the 50 mark before the end of the year.
"The four hotels we are looking to purchase are in fantastic locations in the UK, in areas that our customers are asking for and which complement our present portfolio.
"Because of the present economic climate and the strength of the euro, people are now happier to holiday in the UK than ever before."
Mr Wormwell added: "Shearings has seen a lot of change over the last six months and there are many more changes to come."
Two of its targets are understood to be near Hexham in Northumberland, and in Brighton.
Shearings has revamped its hotel business to create a three-tiered chain comprising premium Coast & Country properties, Classic Collection and Value Collection brands.
Those in the Coast & Country category include the Windermere Hotel in the Lake District and the Lansdown Grove in Bath.
The company, which employs 3,000 people, is one of Britain's largest tour operators, carrying almost 900,000 holidaymakers each year.
It offers air, cruise, rail, spa and theatre breaks as well as coach tours and hotel breaks, catering mainly for the over-50s.
It expects to post revenues of £190m for the year to the end of April, with operating profits of around £6.8m. Mr Wormwell, who joined from National Express, is targeting revenues of £225m within three years and profits of £9m.
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