Dubai-owned budget hotel group Travelodge has had to call on its lenders for emergency cash to tide it over, and could need more capital shortly as it struggles to cope with its debts, people familiar with the matter told Reuters.
The hotel chain, which is the UK’s second-biggest budget hotel group and was acquired by Dubai International Capital (DIC), the investment arm of Dubai Holding, in 2006, received an extra 10 million pounds ($15.7m) from its creditors in recent weeks, the sources said.
It has also hired lawyers and debt restructuring specialists to advise it on negotiations with its lenders, who are reviewing the business and their own options.
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