Dubai International Capital acquires Travelodge
"London, Dubai, 18 August 2006 - Dubai International Capital LLC ("DIC"), the international investment arm of Dubai Holding, today announced that it has agreed to acquire UK-based Travelodge Hotels Ltd ("Travelodge"), Britain's fastest growing hotel company , for £675 million from the Permira Funds. The acquisition is expected to complete in late September. Travelodge's senior management team will remain in place under DIC."
“We are delighted to have successfully acquired Travelodge,” said Sameer Al Ansari, Chief Executive Officer of Dubai International Capital. “It is a strong brand with good growth potential, and an excellent fit for DIC. The budget hotel sector is growing and, in our view, has immense potential in the UK market. Travelodge's outstanding management team has an aggressive expansion plan which we are confident will give us an excellent return on this investment .”
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08/21/06 | Posted by hotelguru | Category Development
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