ICP acquires Asia Pacific rights to Travelodge brand

Singapore-listed ICP has acquired the registered trademark rights to a chain of mid-priced hotels.

The company said on Tuesday that it has paid A$3 million (S$3.5 million) for the rights to the Travelodge hotel brand name in 22 Asia-Pacific territories and countries, excluding Australia and New Zealand.

The deal, to be paid in cash, was reached after a successful pitch by ICP following an international tender for the sale of the trademark.

ICP, formerly the electronic component subcontractor Goldtron, last year announced plans to shift its focus to the offshore and marine sector.

The trademark registrations for Travelodge generally cover services related to the management and operation of hotels and serviced apartments, marketing, reservations and booking services and the provision of conference rooms.

There are more than 900 Travelodge hotels operating worldwide.