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 (Nasdaq: SVC) reported a third quarter net loss of $59.7 million, or $(0.36) per share, improving from a loss of $102.6 million in Q3 2020. Normalized FFO rose to $43.8 million, or $0.27 per share, from $23.2 million, while EBITDAre increased 32.5% to $137.3 million. Hotel portfolio occupancy improved to 60.1%, and RevPAR surged by 75.7% year-over-year. SVC maintains strong liquidity with $912.5 million in cash and no debt maturities until Q3 2022, anticipating a rebound in business travel as urban areas re-open.
Service Properties Trust (Nasdaq: SVC) announced an amended management agreement with Radisson Hospitality to manage nine hotels for a 10-year term starting August 1, 2021. Radisson will manage eight hotels, ensuring a $10.2 million annual owner's priority return backed by a $22 million guaranty from 2023. SVC plans to invest $12 million in renovations, expected to boost owner return coverage. This agreement extends their relationship until at least 2031, allowing for improved portfolio management and potential financial stability.
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.
FAQ
What is the current stock price of Service Properties Trust (SVC)?
What is the market cap of Service Properties Trust (SVC)?
