A Goldman Sachs-led consortium has bought a 144-strong Travelodge portfolio for around £500m.
The Grove portfolio was purchased from Prestbury Investment Holdings, Tom Hunter’s West Coast Capital, the Reuben Brothers’ Aldersgate Investments and Lloyds Bank.
The new owner is a consortium comprising Goldman Sachs, Avenue Capital, and GoldenTree Asset Management.
Each party has a 33% stake in the portfolio, which generates rent of £35.5m pa.
The portfolio initially included 47 Spirit and 16 Orchid pubs, but these were sold separately for close to £200m to Cerberus Capital Management.
Completion of the latest deal is expected in 20 days. The consortium also owns Travelodge as former creditors to the business that equitized their position as part of a restructuring in 2012.
The Grove Travelodge hotels comprise more than 8,256 rooms. Eleven hotels are in Greater London.
Peter Gowers, Travelodge chief executive, said: “The strength of the business is reflected in the strong interest we see from real estate institutions in developing and owning Travelodge hotels.”
joanna.bourke@estatesgazette.com
