3 SEPTEMBER 2012
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Dubai International Capital, which bought the Travelodge budget hotel group in 2006 and was once part of the Forte hospitality group, has relinquished control to a consortium of Goldman Sachs, GoldenTree Asset Management and Avenue Capital Group. It is part of a restructuring process which it says will secure the long-term future of the business.
Some £235m of bank debt will be written off, helping to cut the total to £329m. The three major investors will inject £75m cash into the operation. Much of it will go into refurbishing 175 hotels, starting next year. Travelodge also wants to find new operators for 49 hotels and pay greatly reduced rents on 109 more.
It said it would work with its landlords to try to find other businesses to take over the running of the hotels, in the hope of avoiding job losses. www.travelodge.com
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