Travelodge UK will undergo a financial restructuring that will cut its debt and free up cash for improvements to about a third of its budget hotels throughout Europe.

Under the restructuring, Travelodge will have 235 million British pounds (about $370 million) written off, while 55 million pounds (about $90 million) will be spent upgrading 175 of its more than 500 hotels throughout the U.K., Ireland and Spain.

Travelodge, which debuted in the U.K. in 1985, operates under separate ownership from the Travelodge brand in the U.S., which is under the Wyndham Hotels Group umbrella.

Follow Danny King on Twitter @dktravelweekly.

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