Real estate investment trust company LXI REIT has sold two of its older Travelodge hotels to an undisclosed buyer for £12.6m.
Following an unsolicited approach, the company has sold its Travelodge Haverhill hotel in Essex and Travelodge Beacon Hill near Ipswich in Suffolk to an "institutional buyer", reflecting a low exit yield of 5%, comparing favourably to the acquisition yields of 5.92% and 6.12%.
Simon Lee, partner of LXI REIT Advisers, said: "We are pleased to have completed the disposal of two Travelodge hotels at a significant premium to acquisition cost."
LXI's hotel portfolio also includes nine Travelodge hotels, three Premier Inns, the Jurys Inn Plymouth and the Cambridge Belfry hotel, which it acquired for £18.5m in 2017. The company previously said acquisition announcements will be made.