Tchenguiz recoups cash with hotels sale

Property investor Robert Tchenguiz, who has been badly hit by the credit crunch, has sold six hotels, including one in Oldham, to Travelodge for £85m.

Travelodge plans to spend £14m refurbishing and rebranding the sites to its own brand over the next 12 months.

All six hotels acquired by Travelodge currently trade as Menzies. The Oldham hotel, on Manchester Street, has 103 rooms and conference suites. The other sites include Edinburgh, Bath, Newcastle, Stevenage and Coventry.