ICP (IP) has entered an agreement with hotel group Travelodge to acquire rights to the latter’s registered trademark in Asia.
The wholly owned subsidiary of ICP said in a filing to the Singapore Exchange yesterday that it will pay A$3 million (US$2.8 million) in cash.
The purchase allows ICP (IP) use of the trademark within Asia spanning 22 countries and territories, not including Australia and New Zealand.
Said the company in the statement: “The company regards the acquisition as an opportunity to gain access to an established international mid-scale hotel brand. Travelodge hotels operate in the limited service sector, a market sector which has considerable growth potential in the pan-Asian markets. Limited service hotels are also more cost-effective to both develop and operate.”
It added that it is evaluating a number of other business opportunities.
