Travelodge, British Hotel Chain, To Be Sold For $1.4B: Report

The owners of the British budget hotel chain Travelodge are considering a sale of the company that could value it at over 1 billion pounds ($1.4 billion), according to a report by the Times. The sale is likely to take place in the next nine to 12 months, the newspaper reported, citing people familiar with the matter.

The report of the possible floatation comes three years after the hotel chain’s current owners -- Goldman Sachs, Avenue Capital and GoldenTree Asset Management -- took control of Travelodge from Dubai International Capital.

Travelodge is one of U.K.’s largest hotel chains and also operates in the U.S., Canada, Australia and Ireland. In 2012, as part of a massive financial restructuring that reduced its debt to 329 million pounds ($480.6 million) from 635 million pounds ($927 million), the company’s ownership was passed from Dubai International Capital to its current owners.