Budget hotel company Travelodge has paired up with Twenty10 Fund Management this week to launch a seven-year £100 million expansion fund.
The purpose of the fund is to develop five new hotels a year in major cities across the UK. Travelodge will hold 25-year to 35-year leases for the properties.
Twenty10 will manage the fund, which will comprise £50 million of equity and £50 million of bank debt (Travelodge is to invest a sum of £500,000).
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