Apr 19, 2020

Travelodge appoints advisers to negotiate rent payment holidays

Travelodge, the budget hotel chain, has appointed advisers to oversee negotiations with its landlords as it scrambles to retain enough cash to survive the coronavirus lockdown. Owners of the UK-based company have appointed the Big Four accounting firm Deloitte and investment bank Moelis to agree rent breaks or deferrals with its landlords amid fears the chain will run out of cash before hotels are allowed to reopen. Along with hundreds of other hospitality businesses forced by government to close because of the coronavirus outbreak, Travelodge did not pay its quarterly rent bill at the end of March. According to accounts on Companies House, Travelodge paid £196.4m in rent in 2018. Travelodge is owned by investment bank Goldman Sachs and New York hedge funds Avenue Capital and GoldenTree Asset Management, who took over the hotel group as part of a debt restructuring deal to save it from formal administration in 2012.

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