Goldman Sachs Group (GS), Goldentree Asset Management and Avenue Capital Group have agreed to acquire 144 hotels that are already leased to their previously acquired company Travelodge Hotels.

The value of the deal is around £500m, with all of the 144 hotels being situated in London and south-east England.

Goldman, Goldentree and Avenue Capital acquired Travelodge Hotels from Dubai International Capital in August 2012 in a debt-for-equity swap. This financial restructuring encompassed writing off bank debt of £235m and infusion of £75m of fresh capital.

The current owners of the portfolio of 144 hotels are Lloyds Banking Group, Prestbury Investment Holdings, West Coast Capital and Aldersgate Investments.

Travelodge, which is seeking to boost profitability through acquiring properties and revamping buildings, has invested £57m in the last 18 months for the modernisation of its hotels.

Based in Thame, UK, Travelodge is the second largest chain in the budget hotel sector and third biggest hotel chain in the UK by number of bedrooms. It presently operates 500 hotels and 38,000 rooms in the UK, Ireland and Spain.

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