The private equity owners of the Travelodge Hotel Group, which operates hotels in Ireland, are seeking to sell the largely UK-based group for up to £1bn sterling by the Autumn or seeking a possible stock market flotation for the group.

Goldman Sachs and two US hedge funds, Golden Tree Asset Management and Avenue Capital acquired the company three years ago when it came close to collapse with more than £1bn in debts.

It’s being reported in the UK that the discount hotel group, which operates 12 hotels in Ireland and hotels in Spain, is likely to be bought by an Asian buyer. Daily Telegraph says that Deutsche Bank has been appointed to advise the hotel group.

Speaking to BBC Radio 4, Travelodge chief executive, Peter Gowers commented that the company's current owners are "not natural long-term holders."

He added that in spite of whatever happens he will "continue to focus on driving the business forward."

Travelodge hopes to open 45 new hotels over 24 months.