LXI REIT, a real estate investment trust incorporated in England and Wales, has responded to recent press speculation regarding the potential sale of 66 Travelodge hotels.
The company confirmed that it is under offer, and in solicitors’ hands, on the sale of 66 Travelodge hotels for a combined sum of £210 million, which is in line with current book value (as at 30 September 2023).
Should a sale be concluded, the majority of the sale proceeds would be used to pay down debt, reducing Group LTV to 34% from 38%, as at 30 September 2023, and reducing the Travelodge proportion of the total rent roll to 11% from 18%.
”The sale remains subject to contract and due diligence, and there is therefore no certainty that the sale will complete,” said the REIT in a statement. ”A further announcement will be issued following exchange of contracts.”
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