October 15, 2020
Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.01 per common share ($0.04 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on October 26, 2020 and distributed on or about November 19, 2020. Service Properties Trust is a real estate investment trust which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties across the United States and in Puerto Rico and Canada with 149 distinct brands across 23 industries. SVC’s properties are primarily operated under long-term management or lease agreements. SVC is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR) , an alternative asset management company that is headquartered in Newton, Massachusetts. WARNING REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward looking statements within the meaning of the Private Securities...
October 9, 2020
Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its third quarter 2020 results before the Nasdaq opens on Monday, November 9, 2020. Later that morning, at 10:00 a.m. Eastern Time, President and Chief Executive Officer John Murray , Chief Financial Officer Brian Donley and Chief Investment Officer Todd Hargreaves will host a conference call to discuss these results. The conference call telephone number is (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. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through Monday, November 16, 2020. To hear the replay, dial (412) 317-0088. The replay pass code is 10148158. A live audio webcast of the conference call will also be available in a listen-only mode on the company’s website,...
October 7, 2020
SVC Terminated Marriott Agreements for Failure to Meet 80% Termination Threshold for Cumulative Owner’s Priority Returns to SVC through August SVC Plans to Transfer the Management of 98 of the 122 Hotels to Sonesta SVC has Entered Agreements to Sell 24 of the 122 Hotels for $153 million Service Properties Trust (Nasdaq: SVC) , or SVC, today announced that it has terminated the management agreements for 122 hotels with Marriott International, Inc. (NYSE: MAR), or MAR. As previously announced, SVC sent a letter requesting MAR advance $11.0 million to cover the cumulative shortfall between the payments SVC had received to date and 80% of the cumulative priority returns due to SVC for the eight months ended August 2020. MAR had until October 5, 2020 to avoid termination by making payment to SVC. SVC did not receive any payment from MAR, and based on discussions with MAR, SVC does not expect MAR to pay the cumulative shortfall for the balance of 2020. Accordingly, on October 6, 2020, SVC...