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) has declared a regular quarterly cash dividend of $0.01 per common share, amounting to $0.04 per year. The dividend will be paid to shareholders of record as of October 25, 2021, with distribution expected on or about November 18, 2021. SVC, with investments exceeding $12 billion, owns over 300 hotels and nearly 800 retail properties, primarily focused on extended stay and select service. The trust is managed by The RMR Group Inc., which oversees more than $32 billion in assets.
Service Properties Trust (Nasdaq: SVC) will announce its third quarter 2021 results following Nasdaq's closing on November 4, 2021. A conference call with President and CEO John Murray, CFO Brian Donley, and CIO Todd Hargreaves is scheduled for November 5, 2021 at 10:00 a.m. Eastern Time. Investors can join the call by dialing (877) 329-3720 or (412) 317-5434 for international participants. A replay will be accessible until November 12, 2021. The call will also be available through a live audio webcast on the company's website.
Service Properties Trust (Nasdaq: SVC) has amended its business management agreement with The RMR Group LLC (Nasdaq: RMR) to introduce the MSCI U.S. REIT/Hotel & Resort REIT Index as the new benchmark for incentive management fees, effective from August 1, 2021. This replaces the discontinued SNL U.S. REIT Hotel Index. Historical returns for the SNL Index show cumulative returns of -6.56%, -19.07%, and 10.06% for various periods ending July 31, 2021. The decision aims to align fee calculations more closely with widely-used benchmarks.
Service Properties Trust (Nasdaq: SVC) reported a net loss of $91.1 million for Q2 2021, significantly higher than the $37.3 million loss in Q2 2020. The company experienced positive trends in hotel performance with portfolio-wide occupancy reaching 61.4% in June and hotel EBITDA turning positive in April. Rent collections improved to 98.0%, up from 93.1% in Q1. Despite challenges due to the pandemic and costs associated with transitioning 200 hotels to Sonesta, SVC holds $915 million in cash, ensuring financial flexibility. Total hotel operating revenues rose 130.4% from 2020, although net income remains negative.
Service Properties Trust (Nasdaq: SVC) announced a quarterly cash distribution of $0.01 per common share, amounting to $0.04 annually. This payment will benefit SVC’s shareholders of record as of July 26, 2021, with distributions made on or about August 19, 2021. The company, a real estate investment trust, manages a diverse portfolio of hotels and retail properties across the U.S., Puerto Rico, and Canada. However, future dividends are subject to changes based on various factors determined by SVC’s Board of Trustees.
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.