Travelodge poised for £400m sale-and-leaseback deal

A property entrepreneur and a venture capitalist could be poised to snap up 135 Travelodge budget hotels in a deal potentially worth £400m, according to City sources.

Property entrepreneur Nick Leslau is understood to have teamed up venture capitalist West Coast Capital over the sale-and-leaseback deal for the properties.

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Negotiations are believed to be at an advanced stage, with the two players set to buy the properties and then lease them back to Travelodge for between 25 and 35 years. Back in the summer Travelodge, which is owned by Permira, appointed agent CB Richard Ellis to handle the deal and an initial list of some 30 potential buyers was drawn up. Travelodge declined to comment on the news, which it called "speculation", stressing that no deal had yet been done. by Nic Paton Buy this week's *Caterer* magazine for more industry news and analysis