Travelodge has become the latest in a series of troubled boom-era buyouts to complete debt-for-equity swap, after it announced over the weekend that it had been taken over by debt holders.

The hotel operator, which was bought by Dubai International Capital in 2006, has been taken over by GoldenTree Asset Management, Avenue Capital and Goldman Sachs. The new owners will slash the debt-laden company's borrowings from £635m to £329m, with its maturities pushed out to 2017, the company said in a statement. They also plan to inject £75m into the company, of which £55m would be invested into a refurbishment programme.