22 OCTOBER 2012
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After a difficult period when it was owned by Dubai International Capital, Travelodge, established in 1985 and claiming to be the UK’s oldest budget hotel company, has successfully completed a financial restructuring.
Under the terms of an agreement with its three key investors, GoldenTree Asset Management, Avenue Capital Group and Goldman Sachs, £75m of new money has been injected into the company. £55m is being invested into a major refurbishment programme across the estate covering over 11,000 rooms and 175 hotels. This programme will commence in early 2013 and continue through to summer 2014. The banks’ debt has been reduced by nearly half to £329m.
Commenting on the announcement, Grant Hearn, CEO of Travelodge, said: “Following the successful completion of the CVA process, the financial restructuring completed (today) will provide further stability to the business. It demonstrates our investors’ confidence in the company and I believe we have now secured the long-term future of the business”. Over 13m people stayed with Travelodge last year. www.travelodge.co.uk
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