Welcome to our dedicated page for Service Properties Trust news (Ticker: SVC), a resource for investors and traders seeking the latest updates and insights on Service Properties Trust stock.
Service Properties Trust reports developments for a real estate investment trust that owns service-focused retail net lease properties and hotels. Its updates center on operating and financial results, common-share distributions, portfolio activity in hotel and net lease assets, and capital-structure actions involving common shares, senior notes and debt refinancing.
The trust’s property base spans service-focused retail locations in the United States and hotels in the United States, Puerto Rico and Canada. News also covers management by The RMR Group, shareholder and trustee matters, risk-factor references, and completed asset dispositions that affect its portfolio mix and balance sheet.
Service Properties Trust (Nasdaq: SVC) will release its second quarter 2021 results after the Nasdaq closes on August 5, 2021. A conference call hosted by President and CEO John Murray, CFO Brian Donley, and CIO Todd Hargreaves is scheduled for August 6, 2021, at 10:00 a.m. ET. Investors can join by calling (877) 329-3720, or +1 (412) 317-5434 from outside the U.S. A live audio webcast will also be available on the company’s website, with a replay accessible after the call through August 13, 2021.
Service Properties Trust (Nasdaq: SVC) announced the results from its 2021 Annual Meeting of Shareholders. Laurie B. Burns and William A. Lamkin were re-elected as Independent Trustees with 76.0% and 65.7% of shareholder votes, respectively. An advisory vote on executive compensation passed with 86.0% approval. Additionally, shareholders ratified Deloitte & Touche LLP as independent auditors with an impressive 99.6% vote in favor. The meeting highlights strong shareholder support for management and corporate governance.
On June 7, 2021, Sonesta International Hotels announced the addition of five new hotels to its Sonesta Select brand, marking a significant expansion for the company. These hotels, owned by Service Properties Trust (SVC), were transferred to Sonesta as of June 2, 2021. Since August 2020, Sonesta has increased its U.S. managed hotels by approximately 350%, making it one of the fastest-growing hospitality companies. The new hotels include locations in Tucson, Atlanta, Fort Wayne, Kansas City, and Austin, catering to both business and leisure travelers.
Service Properties Trust (Nasdaq: SVC) announced an amended management agreement with Hyatt for 22 Hyatt Place hotels. Under the new 10-year agreement effective from April 1, 2021, SVC's annual owner's priority return is set at $12 million, supported by a $30 million guaranty. Hyatt will manage 17 hotels with a management fee of 5% of gross room revenues and may earn a 20% incentive fee. SVC plans to invest $50 million in renovations, with potential increases in priority return as funding is advanced.
Service Properties Trust (Nasdaq: SVC) announced that its President and CEO John Murray, CFO Brian Donley, and CIO Todd Hargreaves will present at Nareit’s REITweek: 2021 Virtual Investor Conference on June 9, 2021, at 8:00 a.m. ET. Interested participants can register for the conference to access the live presentation, which will also be available on-demand during the event. SVC operates a diverse portfolio of hotels and retail properties across the U.S., Puerto Rico, and Canada, managed by The RMR Group Inc.
Service Properties Trust (Nasdaq: SVC) has finalized the sale of five former Hawthorn Suites hotels, comprising 430 rooms, for $22.3 million, exceeding their net carrying value of $10.7 million. The proceeds will be allocated for general business purposes. This transaction reflects the company’s strategic asset management and divestiture approach aimed at optimizing its portfolio.
Service Properties Trust (Nasdaq: SVC) will be presenting at the Janney Montgomery Scott Virtual Real Estate & Lodging Conference on May 26, 2021, at 1:45 p.m. Eastern Time. The presentation will feature key executives including John Murray, Brian Donley, and Todd Hargreaves. It will be available for live webcast and replay on the company's website. Service Properties Trust is a real estate investment trust with a portfolio of hotels and retail properties across the U.S., Puerto Rico, and Canada, managed by an operating subsidiary of The RMR Group Inc..
Service Properties Trust (Nasdaq: SVC) reported a net loss of $195 million for Q1 2021, up from a $33.7 million loss in Q1 2020. Key highlights include the conversion of 88 hotels to Sonesta brands, improving hotel market demand, and stable rent collections at 93.1%. However, Adjusted EBITDAre fell 75% to $48.7 million, and occupancy rates dropped to 40.1%. SVC has fully drawn down its revolving credit facility to preserve liquidity amidst ongoing transitions in its hotel portfolio.
Service Properties Trust (Nasdaq: SVC) announced a quarterly cash distribution of $0.01 per common share, totaling $0.04 annually. Shareholders of record as of April 26, 2021, will receive the payment on or about May 20, 2021. SVC operates a diverse portfolio of hotels and retail properties across the U.S., Puerto Rico, and Canada, with operations managed by third parties under lease agreements. The company emphasizes that future dividend rates may vary based on several factors, including income projections and cash availability.
Service Properties Trust (Nasdaq: SVC) will announce its first quarter 2021 results after Nasdaq closes on May 7, 2021. A conference call will be held on May 10, 2021, at 10:00 a.m. Eastern Time, hosted by CEO John Murray, CFO Brian Donley, and CIO Todd Hargreaves. Participants can join the call by dialing (877) 329-3720 or (412) 317-5434 for international calls. A live audio webcast will also be available on the company’s website, with a replay available until May 17, 2021. The company operates a diverse portfolio of hotels and retail properties in the US, Puerto Rico, and Canada.