Owners of British budget hotel chain Travelodge seek sale
13 Apr 2015
Owners of Travelodge are seeking a sale in a deal that would value the British budget hotel chain at over £1 billion ($1.4 billion), The Times today reported, citing people familiar with the matter.
Travelodge's owners Goldman Sachs, Avenue Capital and GoldenTree Asset Management are in the process of appointing advisers to consider strategic options, including a possible flotation or a sale, the report said.
Goldman Sachs, Avenue Capital and GoldenTree had taken control of Travelodge in 2012 from Dubai International Capital through a £635-million debt for equity swap.
Travelodge is the second-largest budget hotel chain behind Premier Inn and the third-biggest in the UK by number of bedrooms.
Travelodge was the first budget hotel brand launched in the UK in 1985 and since the opening it has added more than 500 hotels (over 37,000 rooms), and moved from being a roadside hotel chain to become one of the UK's largest, fastest growing and most highly recognised budget hotel brands.
More than 16.5 million people stayed with Travelodge last year and its website attracts over 1.1 million visits each week.
