The press has recently reported that Travelodge has instructed Moelis and Deloitte to negotiate rent reductions / rent free periods with its Landlords. The fees I imagine are not insignificant.
It is impossible to know, without reviewing each property individually, what the terms are of each lease, but Travelodge does publish a precedent lease on its website at
https://www.travelodge.co.uk/property-development/new-developments/uk-lease-model/
I would imagine that a good number of its leases follow that precedent fairly closely.
That would be beneficial to Travelodge because it seems to me that under the terms of that precedent lease the current Covid-19 lockdown contractually allows Travelodge to withhold rental payments to landlords.
That should make the advisers’ role a little easier!
@TravelodgeUK #rentarrears