LXi completes £210m sale of 66 Travelodge hotels

LXi completes £210m sale of 66 Travelodge hotels

LXi REIT, following its announcement of 8 January 2024, the company has completed on the sale of 66 Travelodge branded hotels to the Travelodge group for £210 million.

As announced on 22 November 2023, the REIT plans to use the proceeds of the sale to repay debt, reduce the Group’s LTV from 38% to 34% and Travelodge’s share of the Group’s rental income from 18% to 11%.

Travelodge OpCo Group, the UK’s first budget hotel brand which operates nearly 600 hotels across the UK, Ireland and Spain and annually welcome over 21 million guests.

The Company, a real estate investment trust incorporated in England and Wales, is listed on the premium listing segment of the Official List of the UK Financial Conduct Authority and was admitted to trading on the main market for listed securities of the London Stock Exchange in February 2017.