Goldman Sachs Group (GS), Goldentree Asset Management and Avenue Capital Group, which acquired Travelodge Hotels in a debt restructuring in 2012, agreed to buy 144 U.K. hotels leased to the company.
The hotels are owned by Lloyds Banking Group (LLOY), Prestbury Investment Holdings, West Coast Capital and Aldersgate Investments, and are located in London and southeast England. The deal is valued at approximately $830 million.
A group of creditors comprising Goldman Sachs, Avenue Capital and GoldenTree took ownership of Travelodge in 2012 from Dubai International Capital in a debt-for-equity swap.
The budget-hotel chain, based in Thame, England, operates 500 hotels and 38,000 rooms in the U.K., Ireland and Spain, according to its website.