U.S. hedge fund GoldenTree Asset Management is reportedly planning to sell Travelodge, a U.K.-based budget hotel operator, for more than $1.5 billion.
GoldenTree, which manages around $50 billion in assets, took control of the budget hotel chain in 2012 and has seen strong returns. Travelodge reported underlying sales of $1.14 billion last year, a 25 percent jump from pre-pandemic figures, with underlying profits at $267 million, data that shows the popularity of “staycations” after the pandemic.
The business now is run by Jo Bydell, who stepped up from chief financial officer to replace Craig Bonnar in May 2022.
Travelodge’s hotel network comprises 595 hotels.