The US-based owners of budget chain Travelodge have put the business on the market for a reported £1 billion.

The Travelodge portfolio currently comprises 519 hotels across the UK, Spain and Ireland.

Hedge funds Avenue Capital and GoldTree Asset Management along with investment bank Goldman Sachs got together to acquire the business from Dubai International Capital in 2012.

Commenting on the news, a spokesperson for Travelodge said:

"Our shareholders are not natural long-term holders of a hotel business and they are working with Deutsche Bank to explore their options for the future".

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