LXI REIT has confirmed that it is close to selling a portfolio of 66 Travelodge hotels for a combined sum of £210 million. The deal is described as being "under offer, and in solicitors' hands".
Should a sale be concluded, the majority of the sale proceeds would be used to pay down debt, reducing Group LTV to 34 per cent from 38 per cent, and reducing the Travelodge proportion of the total rent roll to 11 per cent from 18 per cent.
The sale remains subject to contract and due diligence.
LXI REIT invests in commercial property mainly in the UK, either let, or pre-let, on long inflation-linked leases across a diverse range of property sectors.