NEWTON, Mass.--(BUSINESS WIRE)--
Service Properties Trust (Nasdaq: SVC) today announced that Todd Hargreaves has been appointed as its President and Chief Investment Officer, effective April 1, 2022.
Mr. Hargreaves has served as Vice President of SVC since 2019 and as Vice President and Chief Investment Officer of SVC since 2020. Mr. Hargreaves is also Senior Vice President of The RMR Group (Nasdaq: RMR), responsible for all real estate and real estate related acquisitions at RMR. Prior to joining RMR in 2010, Mr. Hargreaves worked at AIG Investments, where he was responsible for commercial real estate loan origination and asset management. He has more than 15 years of experience working in the commercial real estate industry, specializing in acquisitions, dispositions and underwriting.
Mr. Hargreaves succeeds John Murray, who is becoming President and Chief Executive Officer of Sonesta International Hotels Corporation (Sonesta) effective April 1, 2022. Mr. Murray has been a member of SVC senior management since 1995 and he will continue to serve as a Managing Trustee of SVC.
Adam Portnoy, a Managing Trustee of SVC and a Managing Director, President and Chief Executive Officer of RMR, made the following statement:
“During the past three years as part of SVC’s senior management and in more than a decade at RMR, Todd has proven to be a strategic and analytical thinker, with a primary role in determining capital allocation decisions at SVC and RMR. Todd led the successful acquisition of SVC’s $2.4 billion net lease service portfolio in 2019 and more recently is responsible for SVC’s current hotel disposition plan that SVC expects, when completed in the next few months, will realize over $560 million of sales. Looking forward, Todd has the Board’s confidence to strengthen the portfolio and deliver strong long term operating performance for SVC.”
Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with more than $12 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of December 31, 2021, SVC owned 303 hotels with over 48,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. As of December 31, 2021, SVC also owned 788 retail service-focused net lease properties totaling over 13 million square feet throughout United States. SVC is managed by The RMR Group (Nasdaq: RMR), an alternative asset management company with more than $33 billion in assets under management as of December 31, 2021 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. SVC is headquartered in Newton, MA. For more information, visit www.svcreit.com.
Warning Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever SVC uses words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions, SVC is making forward-looking statements. These forward-looking statements are based upon SVC’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by SVC’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SVC’s control. For example:
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SVC’s expects that its current hotel disposition plan will be completed in the next few months and will realize over $560 million of sales. The sales of SVC’s properties are subject to conditions; accordingly, SVC cannot provide any assurance that it will sell any of these properties and the sales may be delayed, may not occur or their terms may change. Any sales it may complete may be at prices less than SVC expects and less than its net book value.
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This press release states that Mr. Hargreaves has the Board’s confidence to strengthen SVC’s portfolio and deliver strong long term operating performance for SVC. This statement may imply that SVC will achieve similar or better results in the future as a result of Mr. Hargreaves performance or otherwise. However, SVC’s business is subject to various risks, many of which are beyond SVC management’s control. As a result, SVC’s portfolio may not be strengthened and SVC may not realize strong long term operating performance.
The information contained in SVC’s filings with the SEC, including under the caption “Risk Factors” in SVC’s periodic reports, or incorporated therein, identifies other important factors that could cause differences from SVC’s forward-looking statements. SVC’s filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, SVC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
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Kristin Brown, Director, Investor Relations
(617) 796-8232
Source: Service Properties Trust