November 9, 2023
Announces Redemption of $1.2 Billion of Senior Unsecured Notes Maturing in 2024 Service Properties Trust (Nasdaq: SVC) today announced that it has priced $1.0 billion aggregate principal amount of 8.625% senior secured notes due 2031. The closing is expected to occur on November 16, 2023, subject to the satisfaction of customary closing conditions. The new notes are guaranteed by certain of SVC’s subsidiaries and secured by first-priority liens on the equity interests of subsidiaries that own and lease 70 of its travel center properties to TravelCenters of America Inc. pursuant to two master leases (which SVC refers to as its TA Lease No. 3 and TA Lease No. 4). The aggregate annual minimum rent under the two leases is approximately $91.0 million. The net proceeds from this transaction, after initial purchaser discounts and offering costs, are expected to be approximately $965.0 million and will be used for the repayment of outstanding debt. SVC also announced the early redemption of...
November 6, 2023
Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2023, which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx . A conference call will be held on Tuesday, November 7, 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 4473174. A live audio webcast of the conference call will also be available in a listen-only mode on SVC’s website, www.svcreit.com . 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 third quarter conference call...
October 12, 2023
Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on October 23, 2023 and distributed on or about November 16, 2023. About Service Properties Trust Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of June 30, 2023, SVC owned 221 hotels with over 37,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. As of June 30, 2023, SVC also owned 763 retail service-focused net lease properties totaling approximately 13.5 million square feet throughout the United States. SVC is managed by The RMR Group (Nasdaq: RMR) , a leading U.S. alternative asset...