DWF advised LXi on all aspects of the £210 million portfolio sale and involved a large multi-disciplinary team across Real Estate, Corporate and Tax. This significant instruction was led by Real Estate Partner, Carla Revelo, Sam Johnston (Real Estate Senior Associate), along with Jack Myers and Chau Nguyen (Real Estate Solicitors); Corporate Partners, Laurence Applegate and Paddy Eaton, Raeesa Chowdhury (Corporate Director), Sophie Morris (Corporate Senior Associate) and Andrea Tarazi (Corporate Solicitor); and Tax Partners, Jon Stevens and Caroline Colliston, along with Calum Young (Tax Associate).
Carla Revelo, Client Relationship Partner for LXi, said: "We are delighted to have advised our long-standing client, LXi, on all aspects of this significant transaction, having acted on this hotels portfolio for over 10 years. The team worked incredibly hard alongside LXi to achieve exchange within a tight timescale and it was excellent to transact a deal of this scale in the current challenging market."
Toby Askin, Global Head of Real Estate, said: "We are delighted to have supported LXi on this significant transaction. It demonstrates the strength and breadth in DWF's multi-disciplinary team and its market leading capability in delivering large and complex deals."
The portfolio was owned by Secure Income REIT, which merged with LXi REIT last year. The sale follows LXi's re-gear of 122 Travelodge leases (being the largest hotel portfolio re-gear of 2022) and the subsequent £773 million refinancing of part of LXi's wider portfolio in April 2023, on which DWF also advised. The hotels are located in London and regional city centres such as Birmingham, Bath, Leeds and Liverpool, as well as roadside locations. Following the sale, LXi will remain Travelodge's largest landlord with the 69 Travelodge hotels they continue to own.
