Travelodge owner seeks to reduce €4.5bn rent bill amid Covid-19 shutdown – Irish Examiner

The owner of Travelodge — which operates 580 hotels in Britain, Spain and Ireland — has formally filed to get a slice of its £4bn (€4.5bn) rents bill reduced by its landlords and its debt cut by its bondholders. 

Its hotels have been shut from March amid the lockdowns in Britain, Spain, and in Ireland, although it has rented out about 40 hotels to the National Health Service workers in Britain.

Travelodge owner TVL Finance said it was part of a recovery plan to ensure the business would save cash.          

“Our landlords are being asked to forego £103m to £146m in rent, or approximately 2.4% to 3.3% of the total of more than £4bn in rent due over the remainder of the leases, through a temporary period of rent reduction through to the end of 2021, with a return to full contracted levels of rent payments

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