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Holloway Sells Travelodge Franchise Business

Holloway Sells Travelodge Franchise Business

Holloway Lodging has sold its Canadian Travelodge franchise business, which it determined was not a core asset. Chair Michael Rapps says the Travelodge sale will allow his team to focus on owning and operating the 35 hotels (3,967 rooms) in its portfolio. Having acquired the business through its purchase of Royal Host in 2014, Holloway sold it for $21M, “significantly more than the value underwritten by Holloway at the time of the acquisition,” the firm notes.