LXi REIT PLC - London-based commercial real estate investment trust - Says that it has now completed the sale of 66 Travelodge-branded hotels to the Travelodge Group for GBP210 million. On January 8, LXi REIT said it had exchanged contracts for the sale of the hotels, in order to use the proceeds to help the company's debt position. Proceeds from the sale, which is scheduled for completion on February 28, will be used to pay down debt. LXi said that the sale will reduce the group's loan-to-value to 34% from 38%, while reducing Travelodge's proportion of group rent to 11% from 18%.
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By Holly Beveridge, Alliance News reporter
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