(Alliance News) - LXi REIT PLC on Wednesday confirmed recent press reports about the sale of 66 Travelodge hotels for a combined sum of GBP210 million.
The FTSE 250-listed London-based commercial real estate investment trust said the hotels are under offer and in solicitors' hands.
Should a sale be concluded, the majority of the sale proceeds would be used to pay down debt, reducing group loan-to-value to 34% from 38%, at September 30, and reducing the Travelodge proportion of the total rent roll to 11% from 18%.
"The sale remains subject to contract and due diligence, and there is therefore no certainty that the sale will complete," LXi said.
Shares in LXi were up 0.7% to 95.80 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News senior reporter
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