But get chain hotel group Travelodge is to be put up for sale with an asking price in excess of £1bn.
US hedge fund GoldenTree, which acquired Travelodge in 2012, has held meetings with investment banks to discuss a possible sale of the chain of 595 hotels.
The proposed sale follows strong trading in 2022 as the business recovered from the pandemic and a breakdown in relations with some landlords following a 2020 Company Voluntary Arrangement (CVA).
For the year to 31 December 2022 the business reported an increase in total underlying revenue of £909.9m, an increase of 25% on 2019 levels. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were £212.9m, up £83.8m on 2019, with the average price for a room being £64.21
Travelodge, which offers rooms from as little as £50 a night, is run by its former finance chief Joe Boydell, who took over from Craig Bonnar last year.
The chain has benefited from an increase in demand for what has been termed “blue collar” business travel. Its ambition is to open 300 more hotels.
