Travelodge eyeing £1bn sale three years after near-collapse

Travelodge has revealed a surge in profits as the UK budget hotel chain's owners reportedly line it up for a sale that could value the business at more than £1bn - three years after its near-collapse.

Underlying earnings for 2014 were up 63.5% to £66.2m as it benefited from greater room occupancy and rates boosted by business customer usage.