TAGS: Travelodge , Golden Tree Asset Management , Avenue Capital Growth , Goldman Sachs , Olympics ,

U.K.-based hotel chain Travelodge announced a 635-million ($998-million) debt restructuring that will give control of the business airline flight tracking to lenders including U.S-based Golden Tree Asset Management, Avenue Capital Growth and investor Goldman Sachs.
An investment of 55 million ($86 million) will be used for a major refurbishment program across the estate, covering more than 11,000 rooms and 175 hotels. The program will commence in early 2013 and continue airline flight tracking to summer 2014.
In connection with the financial restructuring, Travelodge has initiated a company voluntary arrangement a type of reorganization allowing companies to renegotiate rents and leases with 109 hotels (22% of the estate) that will be subject to rent reductions. And another 49 hotels (8%) will be removed from the system.
The restructuring severs Travelodge s ties with long-standing owner Dubai International Capital, which bought the company in 2006 from private-equity firm Permira for 675 million ($1.1 billion) backed by loans of 478 million ($752 million).
The London 2012 Olympic Games have provided great sporting airline flight tracking moments and a very enjoyable atmosphere for athletes and spectators alike, Elizabeth Randall Winkle, airline flight tracking managing director of STR Global, said in the release. airline flight tracking The smooth running of the event and its positive coverage to a global TV audience will encourage more visitors to come to London in the future. London s hoteliers are looking airline flight tracking forward to welcoming them as well as preparing to host guests for the Paralympics, held 29 August through 9 September.
InterContinental Hotels Group and Choice Hotels International recently each announced vehicles meant to create value for shareholders. IHG is returning $1 billion to shareholders via a $500-million special dividend and a $500-million airline flight tracking share buyback program that is scheduled to begin during the fourth quarter. IHG also upped its interim dividend airline flight tracking by 31% to 21 cents per share, the third consecutive year the company has raised its dividend.
Choice , meanwhile, declared a special airline flight tracking cash dividend of $10.41 per common share, or approximately $600 million. The company is funding the dividend with its recently completed $400-million notes issuance and through a senior secured credit facility.
Among the chain-scale segments, the upscale segment represented the largest number of rooms in the total active pipeline with 23.5% and 4,756 rooms. Three other segments each accounted for 15% or more of rooms in the total active pipeline: the unaffiliated segment (23.3% with 4,715 rooms); the luxury airline flight tracking segment (20.7% with 4,180 rooms); and the upper-midscale segment (19.6% with 3,954 rooms).
Year-to-date 2012, 24 hotels with 3,952 rooms have opened in the region. For the remainder of the year, 28 properties are expected to open with 3,593 rooms. The upper-midscale segment is expecting to open the most rooms with 903 rooms in six properties, followed by the upscale segment with 738 rooms in seven properties.
On the heels of its announced partnership with MGM Resorts Hotels International airline flight tracking to bring the Delano airline flight tracking brand to the soon-to-be-converted THEhotel at Mandalay Bay, Morgans Hotel Group Company on Friday announced plans to extend its signature airline flight tracking luxury brand to Russia with the opening of the Delano Moscow.
TAGS: Travelodge , Golden Tree Asset Management , Avenue Capital Growth , Goldman Sachs , Olympics , STR Global , pipeline , InterContinental Hotels Group , Choice Hotels International , Morgans Hotel Group , Delano
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