Travelodge buys 66 hotels from LXi for €244m
Travelodge has exchanged contracts to acquire 66 Travelodge-branded hotels on a freehold and long leasehold basis from its largest landlord, LXi REIT plc, for £210 million (€244 million/$268 million).
The acquired portfolio includes hotels in London, regional city centers (Birmingham, Bath, Leeds, Liverpool) and roadside locations.
“The acquisition of 66 Travelodge hotels from LXi REIT, with support from our owner GoldenTree Asset Management, will mark a positive step for Travelodge as we seek to optimize our hotel portfolio and diversify our freehold/leasehold split to enhance value,” said Jo Boydell, Travelodge chief executive of Travelodge. “The new structure will provide us with a platform to explore further freehold acquisitions. 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 continues to see significant growth opportunities in the