Hotel & Retail Focused Net Lease Real Estate

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May 16, 2023
SVC Received $379.3 Million in Cash Minimum Annual Cash Rents for 176 Travel Centers Set at $254 Million with 2% Annual Increases Amended Leases Guaranteed by BP Corporation North America Inc. (A3 / A- Ratings) Service Properties Trust (Nasdaq: SVC) announced today that BP p.l.c. (NYSE: BP) completed its acquisition of TravelCenters of America Inc. on May 15, 2023, and the previously announced amended lease terms between SVC and BP are now in effect. SVC received $379.3 million in cash as part of the transaction, including $188.0 million in prepaid rent from BP, $101.9 million in merger consideration for the 7.8% of the outstanding TA shares owned by SVC, and $89.4 million for certain tradenames and trademarks associated with TA’s business previously owned by SVC. Annual minimum cash rents under the amended leases are $254.0 million, with annual 2% increases throughout the initial 10-year term and the five 10-year extension options. BP will receive monthly rent credits totaling $25.0...
May 8, 2023
Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended March 31, 2023 which can be found at the Quarterly Results section of SVC’s website at . A conference call will be held on Tuesday, May 9, 2023 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-3720. Participants calling from outside the United States and Canada should dial (412) 317-5434. No pass code is necessary to access the call from either number. A replay of the conference call will be available for one week by dialing (412) 317-0088; the replay pass code is 2049718. A live audio webcast of the conference call will also be available in a listen-only mode on SVC’s website, . The archived webcast will be available for replay on SVC’s website after the call. The transcription, recording and retransmission in any way of SVC’s first quarter conference call is strictly...

Cautionary Language

The information appearing on SVC’s website includes statements which constitute forward looking statements. These forward looking statements are based upon SVC’s present intents, beliefs or expectations, but forward looking statements are not guaranteed to occur and may not occur. SVC’s actual results may differ materially from those contained in SVC’s forward looking statements. The information contained in SVC’s filings with the Securities and Exchange Commission, including under “Risk Factors" and “Warnings Concerning Forward Looking Statements” in SVC’s periodic reports and other filings, identifies important factors that could cause SVC’s actual results to differ materially from those stated in SVC’s forward looking statements. SVC’s filings with the SEC are available on the SEC’s website at and are also accessible on SVC’s website at the following link: SEC Filings. You should not place undue reliance upon forward looking statements.

The documents provided in this archived section are provided for historical purposes only. The information contained in each document is accurate only as of the date each document was originally issued or such earlier date stated in those documents. Except as required by law, Service Properties Trust does not undertake any obligation to update any information contained in these documents. For current information about the company, please refer to our most recent public SEC Filings.