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LXI acquires five Travelodges for £62.4m

19 November 2018 by
LXI acquires five Travelodges for £62.4m

Real estate investment trust LXI has acquired five Travelodge hotels for a total of £45.2m.

The group has bought the Travelodge Aberdeen Central (97 bedrooms), Travelodge Brighton (94 bedrooms, pictured), Travelodge Liverpool Central (105 bedrooms), Travelodge Llanelli Cross Hands (51 bedrooms) and Travelodge Nuneaton (40 bedrooms).

Following other acquisitions, including an under-construction Edinburgh Travelodge and the Jurys Inn Plymouth for £36.6m last month, this latest purchase marks the last deployment of its £175m equity raise.

The group also owns five other Travelodge hotels, three Premier Inns and the Cambridge Belfry hotel.

John White, partner of LXI REIT Advisors, said: "We are pleased to have acquired these property assets which are further accretive to the company's existing portfolio yield and rent review profile. The company has now carefully and in short order deployed all of the £175m of equity raised on 12 October 2018 into investments, with attractive net initial yields and long, index-linked leases, that are highly diversified across a wide range of robust sectors and strong tenants.

"We are also delighted to have agreed terms on our new 15-year loan facility, which we will deploy into our further pipeline of accretive pre-let forward funding assets in the coming weeks."

LXI acquires Jurys Inn and Travelodge for £36m >>

LXi REIT acquires Cambridge Belfry hotel for £18.5m >>

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