Grant Hearn (pictured) joined the company in 2003 as CEO after previously working for Hilton UK and Ireland, where he held various roles including HR director and managing director.
Hearn led Travelodge from 2003 until July 2010 when he was appointed the position of chairman. He was asked by the Travelodge board to return as chief executive in April 2012 to oversee the company's financial restructuring programme.
After successfully leading the firm through this period Hearn has decided to move on and look for a new challenge.
The board has already begun searching for an external appointment and Hearn will remain in his role as CEO through this transitional period.
"Now, that Travelodge has a solid foundation under new committed ownership and is one of the UK's most recognised brands, I feel comfortable that the company is in a strong and secure position for me to move on," said Hearn.
"Exciting plans lie ahead for the business and for the new CEO, who will drive this next phase of development and growth."
Chairman of Travelodge Brian Wallace praised Hearn's leadership saying he helped reposition the company from a roadside hotel operator to one of the leading hotel names.
"Grant leaves behind an extremely capable team, one which is already working on building the next exciting growth phase for Travelodge."