Travelodge could be sold for £1bn

Budget hotel chain Travelodge owned by GoldenTree Asset Management, Goldman Sachs and Avenue Capital could be sold for £1bn (€1.39bn), said The Times.

However, if combined with the 144 Travelodges bought in 2014 from Nick Leslau's Prestbury Investment Holdings, the deal's value could raise to £1.6bn.

Reports suggested that Deutsche Bank or Jefferies could be interested in the sale.

The owners are said to be appointing new advisers to weigh up strategic options, including a possible stock market flotation.

The move comes three years after the bank was bought from Dubai International Capital following a restructuring that allowed a debt reduction from £635bn £329bn.

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