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 Maryland real estate investment trust focused on hotels and service-focused retail net lease properties. This news page aggregates company announcements, press releases and related updates so readers can follow how SVC’s portfolio, capital structure and distributions evolve over time.
Recent news emphasizes SVC’s hotel disposition program and balance sheet actions. The trust has entered agreements to sell 113 hotels with 14,803 keys for a combined sales price of approximately $913.3 million, excluding closing costs, and has reported the completion of numerous hotel sales across multiple states through a series of Form 8-K filings and Business Wire releases. SVC has stated that it expects to use proceeds from these sales to repay debt, and has provided unaudited pro forma financial information to show the impact of these significant dispositions.
Investors following SVC news will also see updates on financing and debt management, such as the pricing of zero coupon senior secured notes due 2027, early redemptions of senior unsecured notes, and related changes to its revolving credit facility borrowings. Regular quarterly cash distribution announcements on common shares are another recurring news theme, with the company outlining its distribution rate and explaining that future distributions may be adjusted at the discretion of its Board of Trustees.
In addition, SVC’s news flow includes quarterly earnings announcements and conference call details, along with information about hotel management relationships, including hotels managed by Sonesta International Hotels. Bookmark this page to review SVC’s historical and ongoing news items, from asset sales and capital markets transactions to dividend declarations and operating updates.
Service Properties Trust (Nasdaq: SVC) has successfully sold 42 Sonesta branded hotels, totaling 6,348 keys, for nearly $400 million. An additional 22 hotels, comprising 1,781 keys, are under purchase agreements expected to close in Q2 2022 for approximately $141 million. This initiative aims to enhance SVC's lodging portfolio quality and liquidity. However, the company acknowledges risks associated with finalizing these sales at expected prices and timelines.
Service Properties Trust (Nasdaq: SVC) has announced the early redemption of $500 million in outstanding 5.000% Senior Notes due August 2022. The redemption, expected to occur around June 30, 2022, will be funded using the company's cash on hand. SVC, which is a real estate investment trust with over $12 billion in investments, owns 298 hotels and nearly 800 retail properties across the U.S., Puerto Rico, and Canada, managed by The RMR Group.
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Service Properties Trust (Nasdaq: SVC) will hold an Investor Day on May 23, 2022, at 4:00 p.m. Eastern Time in Chicago. The event will involve presentations from SVC and Sonesta International Hotels, concluding with a Q&A session. A live webcast and supporting materials will be available on SVC’s website. With over $12 billion in investments, SVC operates 298 hotels and nearly 800 retail properties across the U.S., Puerto Rico, and Canada. The RMR Group manages SVC, which boasts more than $37 billion in assets under management.
Service Properties Trust (SVC) reported a net loss of $(119.8) million or $(0.73) per share for Q1 2022, an improvement from $(195.0) million or $(1.19) per share in Q1 2021. Normalized FFO was $(3.4) million, improving from $(42.0) million a year earlier. Adjusted EBITDAre increased 85.1% to $90.1 million. Comparable RevPAR showed a marked recovery from 37.3% below 2019 levels in January to 25.7% in March 2022. The company has executed hotel sales valued at $539.3 million, enhancing liquidity as it navigates upcoming debt maturities.
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Service Properties Trust (SVC) announced a significant amendment to its revolving credit facility, reducing commitments from $1 billion to $800 million. The amendment enhances financial flexibility, allowing SVC to acquire $300 million in assets and fund $100 million for capital contributions. Nine hotels have been sold for $81.2 million, with 54 additional hotels under agreement for $452.5 million. Recent hotel performance shows improved occupancy rates, rising to 61.6% in March 2022, signaling recovery from pandemic effects.
Service Properties Trust (Nasdaq: SVC) announced a quarterly cash distribution of $0.01 per common share, equating to $0.04 annually. This distribution is intended for common shareholders recorded by April 25, 2022, and will be paid on or about May 19, 2022. SVC manages over $12 billion in assets, including 303 hotels and 788 retail properties across North America. However, future dividend rates may fluctuate based on various financial considerations, with no guarantee of consistent payments.
Service Properties Trust (Nasdaq: SVC) will announce its first quarter 2022 results on May 4, 2022, after market close. A conference call hosted by President Todd Hargreaves and CFO Brian Donley is scheduled for May 5, 2022, at 10:00 a.m. ET. Interested participants can join the call at (877) 329-3720 or (412) 317-5434 for international callers. A live webcast will be available on the company's website. SVC is a real estate investment trust with over $12 billion invested in hotels and service-focused retail properties, owning 303 hotels and 788 retail properties as of December 31, 2021.
Sonesta International Hotels Corporation announces the appointment of John Murray as President and CEO, effective April 1, 2022. Murray, who has served as a Managing Trustee and CEO of Service Properties Trust (SVC) since 2018, succeeds Carlos Flores, who resigns for personal reasons. With over 25 years of experience, Murray aims to leverage his expertise to further enhance Sonesta's growth and brand awareness. Sonesta, ranking 8th in the U.S. hospitality sector with 1,200 properties, is poised for continued expansion and exceptional guest experiences.