Thu, 03 Mar 2016 | BUSINESS SALE
The estimated £1 billion auction of budget Travelodge hotels has been put on hold by the firm’s chief executive, reports The Times.
Peter Gowers, the Travelodge CEO, said: “We conducted a strategic review before Christmas [2015], but with trading going as it is our owners are now perfectly comfortable holding on.”
Mr Gowers added that there were “still people talking”, but that nothing was likely to happen with the sale in 2016 as there was “no formal sale process” taking place.
The hotel chain is owned by Goldman Sachs, Avenue Capital and GoldenTree Asset Management after the investment firms brought the distressed business out of a debt crisis three years ago. They subsequently put 519 of the group’s budget hotels up for sale through Deutsche Bank in late 2015.
The previous frontrunners to buy the hotels, Starwood Capital and Apollo Global Management, have both submitted unsuccessful final offers — rejected because they fell short of expectations. Both firms had expressed interest in buying a smaller £600 million property portfolio made up of 144 Travelodge assets, but this also seems to have fallen through.
Travelodge has posted some very positive figures in the last year, with a record 18 million customers and forecasted earnings of £100 million for the first time. This figure is up from £40.5 million in 2013 and £66 million in 2014. Turnover increased by 13 per cent, too, up to £558 million.
View the latest UK businesses for sale.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.