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Travelodge to Lose 50 Hotels

News The UK based company Travelodge Hotels Ltd., which is headquartered in Thame, may lose as many as 50 hotels as a result of the company’s debt, which is currently over £500 million (US$781 million). This solution was offered by Dubai International Capital that restructures the hotelier’s debt together with GoldenTree Asset, Avenue Capital Group and Goldman Sachs. Dubai International Capital purchased the British hotelier in 2006 for US$1.3 billion. Together with the hotelier Dubai International Group got a large credit from two hedge funds. Travelodge is a widely known UK budget hotel operator that offers guestrooms for just £10 (US$15.90) per night.

According to the newest statement from Travelodge, the company has plans of selling 50 hotels in order to cope with the growing debt, but no final decision has been made yet so far. Currently the hotelier is in the process of negotiation. Even if the company decides to take this step, it will not be a sufficient loss for the hotelier’s portfolio as currently Travelodge operates 470 hotels mostly in the UK. Nine hotels are located in Ireland and 4 more hotels in Spain.


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