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S&P lifts Travelodge
S&P said it upgraded its ratings for Thame and London Ltd. (Travelodge) and its senior secured notes to B- from CCC+. The notes were issued through TVL Finance plc. The notes’ recovery rating remains 3.
“We expect full-year fiscal 2022 revenue to surpass pre-pandemic levels thanks to a rebound in leisure and blue-collar travel during summer 2022.Year-to-date results to September 2022 show revenues of up to £670 million, significantly increasing from £375 million in 2021 and £546 million reported in 2019. The group benefitted from the significant increase in revenue per available room (RevPAR) across the sector. Specifically, Travelodge saw 20.8% like-for-like growth for the nine months to September 2022,” S&P said in a press release.
S&P said it estimates Travelodge will post revenue beating £900 million and an S&P Global Ratings-adjusted EBITDA margin of 47%-49% in fiscal year 2022 (ending Dec. 31).
The outlook is stable.
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