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 (NASDAQ: SVC) is a real estate investment trust specializing in hotel properties and service-focused retail net lease assets. This page provides investors and stakeholders with centralized access to official announcements, financial updates, and strategic developments.
Track the latest SVC news including earnings reports, property acquisitions, and portfolio updates across its 1,100+ properties. Our curated feed delivers essential information about hotel operations under brands like Sonesta and retail net lease partnerships, managed through the expertise of the RMR Group.
Key updates include quarterly performance metrics, dividend declarations, and market positioning within the hospitality REIT sector. Bookmark this page for real-time insights into SVC's dual strategy of hospitality revenue generation and long-term retail lease stability.
Service Properties Trust (SVC) has announced significant actions to improve liquidity and reduce leverage. The company's Board of Trustees has reduced the quarterly cash distribution on common shares from $0.20 to $0.01 per share, resulting in annual savings of $127 million. Additionally, SVC plans to sell 114 focused service hotels managed by Sonesta International Hotels in 2025, with an aggregate net carrying value of $850.0 million.
The sale is expected to generate savings of approximately $725 million in capital expenditures over a six-year period. After the disposition, Sonesta will continue to manage 59 hotels owned by SVC, including 39 full service, 14 extended stay, and 6 select service properties. These actions are intended to increase liquidity, enhance financial flexibility, reduce leverage, and improve portfolio performance for SVC's hotel portfolio in the long term.
Service Properties Trust (Nasdaq: SVC) has announced its upcoming third quarter 2024 financial results release and conference call schedule. The company will issue a press release with Q3 2024 results after the Nasdaq closes on Wednesday, November 6, 2024. A conference call to discuss these results is scheduled for Thursday, November 7, 2024, at 10:00 a.m. Eastern Time.
The call will be hosted by President and Chief Investment Officer Todd Hargreaves, CFO and Treasurer Brian Donley, and Vice President Jesse Abair. Investors can access the call via phone or a live audio webcast on the company's website. A replay of the call will be available until November 14, 2024, and the webcast will be archived on SVC's website for later access.
Service Properties Trust (Nasdaq: SVC) has released its financial results for the second quarter of 2024. The company, a real estate investment trust, has over $11 billion invested in hotels and service-focused retail net lease properties. As of June 30, 2024, SVC owned 220 hotels with over 37,000 guest rooms across the United States, Puerto Rico, and Canada, as well as 749 service-focused retail net lease properties covering over 13.3 million square feet in the U.S.
SVC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management. The company will hold a conference call on August 7, 2024, at 10:00 a.m. Eastern Time to discuss the Q2 results. Investors can access detailed financial information on the company's website.
Service Properties Trust (Nasdaq: SVC) announced a regular quarterly cash distribution of $0.20 per common share, amounting to $0.80 per share annually. This dividend will be available to common shareholders of record as of the close of business on July 22, 2024, with payments expected around August 15, 2024.
Service Properties Trust (Nasdaq: SVC) will release its second quarter 2024 financial results on Tuesday, August 6, 2024, after the Nasdaq closes. A conference call to discuss these results is scheduled for Wednesday, August 7, 2024, at 10:00 a.m. Eastern Time. The call will be hosted by President and CIO Todd Hargreaves, CFO and Treasurer Brian Donley, and VP Jesse Abair. Participants in the U.S. and Canada can dial (877) 329-3720, while international participants should dial (412) 317-5434. No passcode is required. A replay will be available until August 14, 2024, by dialing (412) 317-0088 with the passcode 9597794. A live audio webcast will also be available on the company's website, with the archived webcast accessible post-call.
Service Properties Trust (SVC) has appointed Jesse Abair as Vice President. Mr. Abair is also a Vice President at The RMR Group (RMR), where he oversees development projects. He brings over 15 years of experience in commercial real estate development to his new role at SVC. Before joining RMR in 2017, Abair was a partner at a Boston law firm, managing a real estate practice.
Service Properties Trust (Nasdaq: SVC) announced that its President and Chief Investment Officer Todd Hargreaves and Treasurer and Chief Financial Officer Brian Donley will present at Nareit's REITweek 2024 Investor Conference.
The presentation is scheduled for Wednesday, June 5, 2024, at 10:15 a.m. Eastern Time in New York, NY.
The event will be webcast live in listen-only mode on the company's website, and participants are advised to visit the site 15 minutes prior to the start of the presentation.
Service Properties Trust (Nasdaq: SVC) has announced the pricing for its cash tender offer to purchase all of its outstanding $350 million 4.50% Senior Notes due 2025. The offer is detailed in an Offer to Purchase and Consent Solicitation Statement dated May 15, 2024. The total consideration is based on the yield to maturity of the applicable U.S. Treasury Security plus a fixed spread of 35 basis points. The total consideration per $1,000 principal amount is $991.33. The deadline to withdraw tenders has passed, and the settlement date is expected to be June 3, 2024. Citigroup Global Markets Inc. is acting as the dealer manager.
Service Properties Trust (Nasdaq: SVC) announced the early tender results for its $350 million 4.50% Senior Notes due 2025.
As of 5:00 p.m. on May 29, 2024, $271.96 million in principal amount of the Notes were validly tendered and accepted.
Noteholders who tendered their notes by the Early Tender Deadline will receive a total consideration determined by a fixed spread over the yield to maturity of a specified U.S. Treasury security, including an early tender payment of $50 per $1,000 principal amount.
The expected settlement date for tendered notes is June 3, 2024, subject to satisfaction or waiver of all conditions. Additionally, consents were solicited for amendments to the indenture governing the Notes, which SVC intends to effect for any Notes not purchased in the offer.
Service Properties Trust (SVC) has priced underwritten public offerings of $700 million of 8.375% Senior Guaranteed Unsecured Notes due 2029 and $500 million of 8.875% Senior Guaranteed Unsecured Notes due 2032. These notes will be guaranteed by certain subsidiaries and are expected to settle on June 3, 2024, subject to customary closing conditions.
SVC plans to use the proceeds to redeem $800 million of its 7.50% senior unsecured notes due 2025, and to fund the purchase of $350 million of its 4.50% senior unsecured notes due 2025, including any premiums and accrued interest. Any remaining proceeds will be used for general business purposes.
Citigroup, BofA Securities, J.P. Morgan, BMO Capital Markets, Goldman Sachs, Morgan Stanley, PNC Capital Markets, UBS Securities, and Wells Fargo Securities are the joint book-running managers for the offerings.
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