United Kingdom
United States
Asia Pacific
Travelodge brand sold in Asia Pacific
Wednesday, 26 Jun, 2014
0
Singapore investment group ICP has bought the Asia Pacific rights to the Travelodge hotel chain from Mirvac and motoring organisation NRMA for $3 million.
The brand will be rolled out in up to 22 Asia-Pacific countries.
The agreement excludes 17 Travelodge hotels and serviced apartments in Australia and New Zealand.
ICP, which specialises in manufacturing, ship chartering, trading and investment, said it regarded the acquisition as an opportunity to gain access to an established international midscale hotel brand.
The Travelodge brand is separately owned in Britain and Europe.
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