Travelodge is currently owned by Goldman Sachs, GoldenTree Asset Management and Avenue Capital, who saved it from financial collapse back in 2012, and are now looking to sell their stake.
After £100 million invested in refurbishing the Travelodge chain, sales and profits have been responding positively, assisting the timing of the sale.
After the appointment of Deutsche Bank earlier this year, sale rather than flotation was decided, and the competition to acquire Travelodge has apparently been fierce.
Now, The Sunday Times reports that two US majors are leading the bidders for the budget hotel chain: Starwood Capital and Apollo Global Management.
Final bids are due at the end of November.