Travelodge completed the acquisition of 66 Travelodge-branded hotels from LXi REIT for £210m.

Travelodge, a budget hotel brand, completed the acquisition of 66 Travelodge-branded hotels from LXi REIT, a real estate investment trust, for £210m. “The acquisition of 66 Travelodge hotels from LXi REIT, with support from our owner GoldenTree Asset Management, will mark a positive step for Travelodge as we seek to optimise our hotel portfolio and diversify our freehold/leasehold split to enhance value. The new structure will provide us with a platform to explore further freehold acquisitions. We have nearly four decades of expertise in operating budget hotels and we look forward to continuing to invest in our hotel network to drive growth. We are pleased to announce this transaction with LXi, with whom we have enjoyed a strong working relationship over many years. We look forward to continuing to work with LXi, who remain our largest landlord, with the 69 Travelodge hotels they continue to own,” Jo Boydell, Travelodge CEO.