New York City-based hedge funds Avenue Capital Group and GoldenTree Asset Management and investment bank Goldman Sachs Group have agreed to buy 144 hotels in the U.K. leased to Travelodge Hotels Ltd., Thame, England, which the consortium took control of in 2012.
Bloomberg reported that the deal is valued at £500 million (US$831 million) and that Lloyds Banking Group, Prestbury Investment Holdings, West Coast Capital and Aldersgate Investments own the hotels.
The news comes less than a year after Travelodge appointed a new CEO, Peter Gowers.