Thame-based Travelodge closes £210m deal to buy 66 hotels from LXi REIT
Oxfordshire’s Travelodge Group has bought 66 hotels from real estate investment trust LXi for £210 million.
The sale, which is scheduled for completion on 28th February 2024, will provide Travelodge with a platform to explore further freehold acquisitions, said Chief Exeuctive Jo Boydell.
She added: “The acquisition will mark a positive step for Travelodge as we seek to optimise our hotel portfolio and diversify our freehold/leasehold split to enhance value.
“We have nearly four decades of expertise in operating budget hotels and we look forward to continuing to invest in our hotel network to drive growth.”
Travelodge was supported in the deal by its owner, GoldenTree Asset Management.
Simon Lee, CEO of LXi REIT Advisors, added: “We’re delighted to be transacting with Travelodge on this landmark sale.
“Travelodge operates a best-in-class hotels business and the firm commitment of its owners to the business is demonstrated by their support to enable the purchase of 66 of its assets.”
Read more - Leisureplex Hotel Group snaps up 19th century Weymouth seafront hotel
