10 November 2021, Virtual
London, UK - November 2021
London, UK - December 2021
TRAVELODGE is involved in a £400 million sale-and-leaseback deal with property developer Nick Leslau and West Coast Capital
According to reports, the consortium is in advanced talks over the acquisition of 135 of Travelodge's 240 properties, representing the budget hotel operator's entire freehold estate.
The deal will see Leslau and West Coast buy the hotels and lease them back to Travelodge for between 25-35 years.
Travelodge is expected to pay either a fixed annual minimum uplift in rent or an open market rent review, whichever is higher.
Travelodge chief executive Grant Hearn was reported in July as saying the group wanted to dispose of some of its properties.
Travelodge sold its entire Irish portfolio of eight hotels in May to two former Jurys Doyle executives for £22.5 million.