Mitchells & Butlers In Hotel Sale Deal With Travelodge | wsj.com

U.K. pub group Mitchells & Butlers PLC (MAB.LN) Thursday took the first major step in its new management's business strategy, selling its 52 hotels for GBP91 million, with budget hotel operator Travelodge taking on the leases in a 25-year deal. The U.K. pub group said it was selling the Inkeeper's Lodges, which comprise 2,000 rooms, to Prupim, a property investment arm of Prudential PLC (PUK).