Budget chain Travelodge has been acquired by a Dubai-based investment firm for £675 million.
Dubai International Capital has purchased the group from private equity owner Permira, which acquired Travelodge for £712 million in 2003, the BBC reported.
Travelodge runs almost 300 hotels in the UK, Ireland and Spain employing 4,700 staff.
Dubai International Capital chief executive Sameer Al Ansair reportedly said: “It is a strong brand with growing potential. The budget hotel sector is growing and, in our view, is udnerdeveloped in the UK market.”
Report by Phil Davies
