LXi REIT has completed the sale of 66 Travelodge-branded hotels to the Travelodge group for £210m.
The freehold portfolio included hotels in London, regional city centres including Birmingham, Bath, Leeds and Liverpool, and roadside locations.
Proceeds from the sale will be used by LXi REIT to pay down debt, reducing group LTV to 34% from 38%.
The sale reduces Travelodge’s proportion of LXi’s rent from 18% to 11%.
Travelodge has bought the properties through a newly created property arm. The acquisition was funded by its owner GoldenTree Asset Management plus third-party funding.
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