Dubai-owned Travelodge swaps CEO amid restructure

The CEO of Travelodge Hotels Ltd., Thame, UK, owned by Dubai International Capital, Guy Parsons, stepped down on Thursday, to be replaced by Grant Hearn.

The move comes in the middle of a debt restructuring programme which will see ownership move to New York-based hedge funds Golden Tree Asset Management and Avenue Capital Group, as well as Goldman Sachs.

Dubai International Capital bought Travelodge in 2006 for US $1.3 billion and could lose a possible US $634 million in the debt-for-equity deal.

On Thursday The Daily Telegraph reported that the company needs a US $15.9 million emergency loan, which comes only weeks after a $95.6 million facility in February.