TRAVELODGE GROUP OWNERS ACQUIRE 144 LEASED HOTELS
A consortium comprising Goldman Sachs, Avenue Capital and GoldenTree Asset Management has bought a portfolio of 144 properties across the UK leased to budget group Travelodge for around £520 million, in an initial all cash purchase. The hotels were sold by Prestbury Investment Holdings, West Coast Capital, Aldersgate Investments and Lloyds Bank. The new owners each have a one-third stake in the hotels, and the trio are also the current owners of the Travelodge group after acquiring it two years ago via a debt-for-equity restructuring deal. HVS advised Goldman Sachs and GoldenTree Asset Management.