22 November 2023
LXi REIT plc
(the “Company“, the “Group” or “LXi“)
POTENTIAL SALE OF 66 TRAVELODGE HOTELS
The Company notes recent press speculation and confirms that it is under offer, and in solicitors’ hands, on the sale of 66 Travelodge hotels for a combined sum of £210 million, which is in line with current book value (as at 30 September 2023).
Should a sale be concluded, the majority of the sale proceeds would be used to pay down debt, reducing Group LTV to 34% from 38%, as at 30 September 2023, 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. A further announcement will be issued following exchange of contracts.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| LXI REIT Advisors LimitedSimon Lee (CEO)Alex MacEachin (CFO) | Via H/Advisors Maitland |
| H/Advisors Maitland (Communications Advisor)James Benjamin / Rachel Cohen | 07747 113 930 / 020 7379 5151lxireit-maitland@h-advisors.global |