Travelodge has a proposed a company voluntary arrangement (CVA) as it seeks to restructure in the wake of the Covid-19 outbreak.
Under the plans, landlords will be paid £230 million in rent, approximately 62 per cent of the sum due under current contracts.
In total, Travelodge, which has refused to pay rent in the three months to March, hopes to write off £144 million in payments.
The move has been criticised by hotel owners, who argue the company is seeking to reduce debt at their expense.
The company sold much of its estate 16 years ago and now rents the sites.
It is currently owned by Luxembourg-based Anchor Holdings and its investors include US funds GoldenTree and Avenue Capital and Goldman Sachs.
The move comes as the company – which runs 564 properties in the UK – prepares to reopen its hotels as government restrictions in travel are lifted.
Travelodge said it would also seek to reduce operating costs and raise additional funds.
Under the scheme, a schedule of differing rent levels, with some hotels receiving full rents and the majority receiving a temporary reduction, will be implemented until the end of 2021.
Six per cent of properties would receive no rent at all.
All hotels would then return to full contractual rents in 2022.
Travelodge said the recovery plan offers “the best approach to address the short-term challenges facing the business” as a result of the Covid-19 outbreak and to secure the future of its more than 10,000 employees.
There are no proposed hotel closures.
Prior to the outbreak of Covid-19, Travelodge entered 2020 with a record level of cash reserves and delivered five straight years of strong growth, outperforming the midscale and economy sector.