Aberdeen Travelodge forms part of hotel buy

A Travelodge in Aberdeen is one of five hotels in the chain acquired by a property fund in a deal totalling £45.2 million.

LXI REIT – a real estate investment trust – said each property was fully let to Travelodge Hotels, the principal trading company of the budget hotel group.

As well as the 97-bedroom Aberdeen establishment, the trust has acquired Travelodge sites in Brighton, Liverpool, Llanelli and Nuneaton.

Meanwhile, an industrial facility in Newbury, Berkshire has been snapped up for £17.2m. It means that the trust has now fully deployed its recent £175m equity raise.

John White, partner at LXI REIT Advisors, said: “We are pleased to have acquired these property assets which are further accretive to the company’s existing portfolio yield and rent review profile.

“The company has now carefully and in short order deployed all of the £175m of equity raised on 12 October 2018 into investments.”