Rights to the Travelodge hotel brand in 22 markets throughout Asia-Pacific, excluding Australia and New Zealand, have been acquired by ICP, a Singaporean company that makes and markets semi-conductors.
ICP paid AUD3 million for the brand to an Australian-based joint venture between Mirvac and NRMA, who have clearly ditched plans to grow the brand themselves.
However, they have retained the brand rights in Australia and New Zealand, where there are 17 Travelodge properties.
Travelodge is a huge global brand with more than 900 properties in Britain, Europe and the United States.
There’s no brand consistency, however, with different owners in various jurisdictions.
For example in Australia and New Zealand it’s a budget brand but ICP is calling it a mid-scale opportunity.
ICP says its rationale for the acquisition is a move into hotels.
“The Company regards the Acquisition as an opportunity to gain access to an established international midscale hotel brand.
“Travelodge hotels operate in the limited service sector, a market sector which has considerable growth potential in the Pan Asian markets.
“Limited service hotels are also more cost effective to both develop and operate.”