HotelNewsNow.com (HNN)

In what has been the most actively watched hotel-firm financial restructuring of 2020, Travelodge (United Kingdom) has retained the majority of its hotels under its new company voluntary arrangement, but is seven-year CEO Peter Gowers will leave at the end of the year.

Travelodge (United Kingdom) claims that the vast majority of its landlords have remained with the British budget brand following a well-publicized financial restructuring, but CEO Peter Gowers, who has been at the helm since 2013, will leave the company at the end of the year.

The brand's website said it has retained "578 hotels, accounting for more than 98% of its 2019 U.K. hotel (earnings before interest, tax and depreciation)."

Several hotels left Travelodge under the terms of a new company voluntary agreement that some landlords saw as benefitting shareholders, not landlords, and resulting in rent reductions.

But Travelodge's ability to retain the majority of its revenue stream seems to have come through winning over large-scale owners.

The largest landlord of Travelodge assets in the U.K., both in terms of number, 123, and value, is real-estate investment trust Secure Income.

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