LXi REIT has confirmed that the £210m sale of a portfolio of 66 Travelodge hotels is in solicitors’ hands.
The sale price is in line with current book value and proceeds will be used to pay down debt, reducing group LTV from 38% to 34%.
It will also reduce Travelodge’s share of the REIT’s rent roll from 18% to 11%.
The FTSE 250-listed LXi said the sale remained subject to contract and due diligence.
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