Source - SMW
Secure Income REIT said it was 'disappointed and surprised' that hotel chain Travelodge had not explained how it intended to pay overdue rent to the company.

The property investor said outstanding quarterly rent due from Travelodge amounted to 6.4% of its annual rental income.

'Discussions with Travelodge's senior team have been ongoing for a number of weeks and while they have yet to provide any proposals for dealing with the outstanding amounts due, they have indicated that a plan should be forthcoming,' Secure Income REIT said.

The company noted that Travelodge owned 580 hotels with more than 44,500 rooms and recently reported record earnings of £129.1m with net debt of £311m.

It also noted that it was owned by large investment businesses including Goldman Sachs, Avenue Capital and GoldenTree.

'We are disappointed and surprised that they have not yet presented a proposal,' Secure Income REIT said.

'In light of this, Secure Income REIT has already reluctantly initiated actions to recover this debt, but remains hopeful that this matter can still be settled prior to those options being fully pursued.'

At 8:57am: (LON:SIR) Secure Income Reit PLC share price was -24.25p at 315.75p

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