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- American hedge fund GoldenTree is planning to divest UK-based budget hotel chain Travelodge for over £1bn ($1.25bn) as it looks to profit from the rebound in the travel industry following the Covid-19 pandemic.
www.hotelmanagement-network.com/news/goldentree-to-sell-travelodge-1bn/
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“We are delighted to be transacting with Travelodge on this landmark sale of 66 hotels for £210 million, which is in line with the latest book value. Most of the sale proceeds will be used to pay down debt, reducing Group LTV to 34%, and Travelodge’s proportion of Group rent will reduce to 11%.
Jan 8, 2024 · Travelodge agrees to acquire 66 Travelodge-branded hotels from its largest landlord - LXi REIT - for £210 million, with support from Travelodge's owner GoldenTree Asset Management. The 66 hotels will be acquired on a freehold and long leasehold basis enabling the Travelodge group to take control of the assets, enhancing value.
A newly formed property holding group (Travelodge PropCo Group) completed the acquisition of 66 Travelodge-branded hotels on a freehold and long leasehold basis from Travelodge’s largest landlord, LXi REIT plc, for a purchase price of £210 million.
Nov 22, 2023 · LXI REIT is close to selling a portfolio of Travelodge hotels for £210m. The deal is under offer, with contracts in solicitors’ hands, on the sale of the 66 Travelodge hotels. The sale price of £210m is in line with current book value (as at 30 September 2023), the company said.
Jun 11, 2023 · Budget hotel chain Travelodge will be put up for sale with a price tag of over £1bn as its owners look to cash in the recovery of the travel sector post-pandemic.
Jan 8, 2024 · LXi REIT plc has exchanged contracts unconditionally on the sale of 66 Travelodge branded hotels to the Travelodge group for €245.7m, which is in line with the latest (30 September 2023) book value.
The owner of Travelodge is priming the budget hotel chain for a sale that could fetch in excess of £1 billion off the back of a strong recovery in domestic trav.
