Articles from Service Properties Trust

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its fourth quarter 2024 results after the Nasdaq closes on Wednesday, February 26, 2025. On Thursday, February 27, 2025 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves, Chief Financial Officer and Treasurer Brian Donley and Vice President Jesse Abair will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced that the characterization of dividends for 2024 income tax reporting purposes is as follows:

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.01 per share ($0.04 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on January 27, 2025 and distributed on or about February 20, 2025.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2024, which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx.

Service Properties Trust (Nasdaq: SVC) today announced that SVC’s Board of Trustees has reduced SVC’s regular quarterly cash distribution on its common shares from $0.20 per common share ($0.80 per share per year) to $0.01 per common share ($0.04 per share per year). The dividend reduction will result in $127 million of annual savings.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its third quarter 2024 results after the Nasdaq closes on Wednesday, November 6, 2024. On Thursday, November 7, 2024 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves, Chief Financial Officer and Treasurer Brian Donley and Vice President Jesse Abair will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended June 30, 2024, which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx.

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on July 22, 2024 and distributed on or about August 15, 2024.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its second quarter 2024 results after the Nasdaq closes on Tuesday, August 6, 2024. On Wednesday, August 7, 2024 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves, Chief Financial Officer and Treasurer Brian Donley and Vice President Jesse Abair will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC), or SVC, today announced that Jesse Abair has been appointed as Vice President.

Service Properties Trust (Nasdaq: SVC) today announced that President and Chief Investment Officer Todd Hargreaves together with Treasurer and Chief Financial Officer Brian Donley will be presenting at Nareit’s REITweek 2024 Investor Conference in New York, NY on Wednesday, June 5, 2024 at 10:15 a.m. Eastern Time.

Service Properties Trust (Nasdaq: SVC) today announced the pricing of its previously announced cash tender offer, or the Offer, to purchase any and all of its outstanding $350,000,000 aggregate principal amount of 4.50% Senior Notes due 2025 (CUSIP No. 44106MAT9), or the Notes. The terms and conditions of the Offer are described in an Offer to Purchase and Consent Solicitation Statement, dated May 15, 2024.

Service Properties Trust (Nasdaq: SVC) today announced the early tender results as of 5:00 p.m. Eastern Time on May 29, 2024, of its previously announced cash tender offer, or the Offer, to purchase any and all of its outstanding $350,000,000 aggregate principal amount of 4.50% Senior Notes due 2025 (CUSIP No. 44106MAT9), or the Notes, and a related consent solicitation, or the Consent Solicitation, for certain proposed amendments to the indenture governing the Notes, or the Indenture, as described below. The terms and conditions of the Offer and the Consent Solicitation are described in an Offer to Purchase and Consent Solicitation Statement, dated May 15, 2024.

Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has priced underwritten public offerings of $700.0 million of 8.375% Senior Guaranteed Unsecured Notes due 2029 and $500.0 million of 8.875% Senior Guaranteed Unsecured Notes due 2032. Both series of notes will be guaranteed by certain of SVC’s subsidiaries. The settlement of the offerings is expected to occur on June 3, 2024, subject to the satisfaction of customary closing conditions. SVC expects to use the net proceeds from the offerings to redeem $800.0 million principal amount outstanding of its 7.50% senior unsecured notes due 2025, or the 7.50% Notes, and, together with cash on hand to the extent necessary, (1) to fund the purchase of any and all of the $350.0 million principal amount outstanding of its 4.50% senior unsecured notes due 2025, or the 4.50% Notes, including any premium and accrued and unpaid interest on the tendered notes, pursuant to its previously announced tender offer, or the Tender Offer, and (2) to the extent any of the 4.50% Notes have not been tendered pursuant to the Tender Offer, effect the satisfaction and discharge of such notes, or the Satisfaction and Discharge. SVC expects to use any remaining proceeds for general business purposes.

Service Properties Trust (Nasdaq: SVC) today announced that it has commenced a cash tender offer, or the Offer, to purchase any and all of its outstanding $350,000,000 aggregate principal amount of 4.50% Senior Notes due 2025 (CUSIP No. 44106MAT9), or the Notes, and a related consent solicitation for certain proposed amendments to the indenture governing the Notes, or the Indenture, as described below.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended March 31, 2024, which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx.

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on April 22, 2024 and distributed on or about May 16, 2024.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its first quarter 2024 results after the Nasdaq closes on Tuesday, May 7, 2024. On Wednesday, May 8, 2024 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended December 31, 2023, which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its fourth quarter 2023 results after the Nasdaq closes on Wednesday, February 28, 2024. On Thursday, February 29, 2024 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced that the characterization of dividends for 2023 income tax reporting purposes is as follows:

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on January 22, 2024 and distributed on or about February 15, 2024.

Service Properties Trust (Nasdaq: SVC) today announced that it has priced $1.0 billion aggregate principal amount of 8.625% senior secured notes due 2031. The closing is expected to occur on November 16, 2023, subject to the satisfaction of customary closing conditions. The new notes are guaranteed by certain of SVC’s subsidiaries and secured by first-priority liens on the equity interests of subsidiaries that own and lease 70 of its travel center properties to TravelCenters of America Inc. pursuant to two master leases (which SVC refers to as its TA Lease No. 3 and TA Lease No. 4). The aggregate annual minimum rent under the two leases is approximately $91.0 million. The net proceeds from this transaction, after initial purchaser discounts and offering costs, are expected to be approximately $965.0 million and will be used for the repayment of outstanding debt.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2023, which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx.

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on October 23, 2023 and distributed on or about November 16, 2023.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its third quarter 2023 results after the Nasdaq closes on Monday, November 6, 2023. On Tuesday, November 7, 2023 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended June 30, 2023, which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx.

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on July 24, 2023 and distributed on or about August 17, 2023.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its second quarter 2023 results after the Nasdaq closes on Monday, August 7, 2023. On Tuesday, August 8, 2023 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced that it has entered into a new $650 million secured revolving credit facility. The maturity date of the new facility is June 29, 2027, and includes two six-month extensions at the borrower’s option. Interest paid on drawings under the new facility will be based on SOFR plus a margin ranging from 1.50% to 3.00% based on SVC’s leverage ratio as defined in the agreement and will initially be 2.50%. The new facility is secured by 69 properties (66 hotels and three net lease properties). The new facility replaces SVC’s previous $800 million revolving credit facility which had a maturity date of July 15, 2023.

Service Properties Trust (Nasdaq: SVC) today announced that it has elected Rajan Penkar to its Board as an Independent Trustee, effective immediately. With the addition of Mr. Penkar, SVC’s Board now has eight Trustees, including six independent Trustees, two of whom are women, and two of whom are members of underrepresented communities.

Service Properties Trust (Nasdaq: SVC) announced today that it has acquired the 250-room Nautilus Hotel located at 1825 Collins Avenue, Miami Beach, FL for $165.4 million, or approximately $661,600 per key. The Nautilus is a lifestyle oceanfront hotel located in Miami’s South Beach neighborhood with 250 guestrooms, including 55 suites, four food and beverage outlets, outdoor pool, spa, fitness center and 17,500 SF of flexible outdoor and indoor event space. The hotel will initially be branded as the Nautilus Sonesta Miami Beach, and undergo a $25 million repositioning commencing in the Summer of 2024 with plans to reopen in early 2025 under Sonesta’s lifestyle brand, The James.

Service Properties Trust (Nasdaq: SVC) today announced that President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer and Treasurer Brian Donley will be presenting at Nareit’s REITweek 2023 Investor Conference in New York, NY on Wednesday, June 7, 2023 at 11:00 a.m. Eastern Time.

Service Properties Trust (Nasdaq: SVC) announced today that BP p.l.c. (NYSEBP) completed its acquisition of TravelCenters of America Inc. on May 15, 2023, and the previously announced amended lease terms between SVC and BP are now in effect. SVC received $379.3 million in cash as part of the transaction, including $188.0 million in prepaid rent from BP, $101.9 million in merger consideration for the 7.8% of the outstanding TA shares owned by SVC, and $89.4 million for certain tradenames and trademarks associated with TA’s business previously owned by SVC.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended March 31, 2023 which can be found at the Quarterly Results section of SVC’s website at https://www.svcreit.com/investors/financial-information/default.aspx.

Service Properties Trust (Nasdaq: SVC) today announced that it has rescheduled the release of its first quarter 2023 financial results, previously scheduled for Tuesday, May 9, 2023, to after the Nasdaq close on Monday, May 8, 2023. It will now host a conference call on Tuesday, May 9, 2023 at 10:00 a.m. Eastern Time, with President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley discussing first quarter results.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its first quarter 2023 results after the Nasdaq closes on Tuesday, May 9, 2023. On Wednesday, May 10, 2023 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on April 24, 2023 and distributed on or about May 18, 2023.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended December 31, 2022.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its fourth quarter 2022 results after the Nasdaq closes on Tuesday, February 28, 2023. On Wednesday, March 1, 2023 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced that it has agreed to amend its existing leases and guarantees with TravelCenters of America Inc. (Nasdaq: TA) effective upon the completion of the pending acquisition of TA by BP p.l.c. (NYSEBP) for cash consideration of $86.00 per share of TA common stock outstanding (the “BP Acquisition”).

Service Properties Trust (Nasdaq: SVC) today announced that its subsidiary, SVC ABS LLC, has priced $610.2 million in principal amount of net lease mortgage notes in a transaction exempt from registration from the Securities Act of 1933, as amended, or the Securities Act, and sold to Qualified Institutional Buyers as defined in Rule 144A under the Securities Act and in offshore transactions to non-U.S. persons outside the U.S. in accordance with Regulation S under the Securities Act. This transaction is expected to close on February 10, 2023, subject to the satisfaction of customary closing conditions. The notes will be issued in three classes to institutional buyers in the following principal amounts, and are expected to be rated by Standard & Poor’s Ratings Services as follows:

Service Properties Trust (Nasdaq: SVC) today announced that the characterization of dividends for 2022 income tax reporting purposes is as follows:

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.20 per common share ($0.80 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on January 23, 2023 and distributed on or about February 16, 2023.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2022.

Service Properties Trust (Nasdaq: SVC) today announced its Board of Directors has declared a quarterly cash dividend at $0.20 per common share ($0.80 per share per year), representing a 37% payout ratio based on Q2 2022 normalized funds from operations, or Normalized FFO. This distribution will be paid to SVC’s common shareholders of record as of the close of business on October 24, 2022 and distributed on or about November 17, 2022.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its third quarter 2022 results after the Nasdaq closes on Thursday, November 3, 2022. On Friday, November 4, 2022 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced it has amended the agreement governing its revolving credit facility and exercised its option to extend its maturity date to July 2023. The key terms of the amendment include:

Service Properties Trust (Nasdaq: SVC) today announced it has entered into a purchase and sale agreement to sell 16 Marriott branded hotels totaling 2,155 keys for $137.3 million, excluding closing costs. SVC expects to close the transaction in the fourth quarter of 2022.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended June 30, 2022.

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.01 per common share ($0.04 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on July 25, 2022 and distributed on or about August 18, 2022.

Service Properties Trust (Nasdaq: SVC) today announced progress on its previously announced plan to sell 68 Sonesta branded hotels. To date, 57 hotels totaling 7,272 keys have been sold for aggregate proceeds of $496.4 million. An additional six hotels totaling 755 keys are under purchase and sale agreements for an aggregate sales price of $37.4 million and are expected to close during the third quarter of 2022. SVC continues to market the five remaining hotels totaling 733 keys and is also marketing 16 Marriott branded hotels totaling 2,155 keys on an unencumbered basis.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its second quarter 2022 results after the Nasdaq closes on Thursday, August 4, 2022. On Friday, August 5, 2022 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) announced the results of its 2022 Annual Meeting of Shareholders, which was held earlier today, as follows.

Service Properties Trust (Nasdaq: SVC) today announced that President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer and Treasurer Brian Donley will be presenting at the Oppenheimer 22nd Annual Consumer Growth and E-Commerce Conference on Tuesday, June 14, 2022 at 8:15 a.m. Eastern Time. SVC management will also be hosting virtual meetings with investors. For additional information or to schedule a virtual one-on-one meeting with SVC management, please contact your Oppenheimer representative.

Service Properties Trust (Nasdaq: SVC) today announced that President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer and Treasurer Brian Donley will be presenting at Nareit’s REITweek: 2022 Investor Conference in New York, NY on Wednesday, June 8, 2022 at 8:00 a.m. Eastern Time.

Service Properties Trust (Nasdaq: SVC) today announced that President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer and Treasurer Brian Donley will be participating in meetings with investors at the 22nd Annual B. Riley Securities Institutional Investor Conference in Los Angeles, CA on Wednesday, May 25th, 2022. For additional information or to schedule a one-on-one meeting with SVC management, please contact your B. Riley Securities representative.

Service Properties Trust (Nasdaq: SVC) today announced progress on its previously announced plan to sell 68 Sonesta branded hotels. To date, 42 hotels totaling 6,348 keys have been sold for aggregate proceeds of $397.6 million. An additional 22 hotels totaling 1,781 keys are under purchase and sale agreements for an aggregate sales price of $141.0 million. SVC continues to market four additional hotels for sale. SVC currently expects the majority of the 22 hotels under purchase and sale agreements to close in the second quarter of 2022.

Service Properties Trust (Nasdaq: SVC) today announced the early redemption of its outstanding 5.000% Senior Notes due August 2022 at a redemption price equal to the principal amount of $500 million, plus accrued and unpaid interest to, but excluding the date of redemption. The redemption price is expected to be paid on or about June 30, 2022. SVC currently expects to fund this redemption by using cash on hand.

Service Properties Trust (Nasdaq: SVC) today announced that it will host an Investor Day with Sonesta International Hotels (Sonesta) for financial analysts and institutional investors in Chicago on Monday, May 23, 2022. The event will begin at 4:00 p.m. Eastern Time and feature presentations from SVC and Sonesta senior leadership, followed by a question and answer session.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended March 31, 2022.

Subhead of release should read: Progressing on Its Previously Announced Sales Initiative, with Nine Hotels Sold and 54 Hotels Under Purchase and Sale Agreements (Instead of 56 Hotels).

Service Properties Trust (Nasdaq: SVC) today announced it has amended the agreement governing its revolving credit facility and exercised its option to extend its maturity date to January 2023. The key terms of the amendment include:

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.01 per common share ($0.04 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on April 25, 2022 and distributed on or about May 19, 2022.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its first quarter 2022 results after the Nasdaq closes on Wednesday, May 4, 2022.  On Thursday, May 5, 2022 at 10:00 a.m. Eastern Time, President and Chief Investment Officer Todd Hargreaves and Chief Financial Officer Brian Donley will host a conference call to discuss these results. 

Service Properties Trust (Nasdaq: SVC) today announced that Todd Hargreaves has been appointed as its President and Chief Investment Officer, effective April 1, 2022.

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended December 31, 2021.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its fourth quarter 2021 results after the Nasdaq closes on Thursday, February 24, 2022. On Friday, February 25, 2022 at 10:00 a.m. Eastern Time, President and Chief Executive Officer John Murray, Chief Financial Officer Brian Donley and Chief Investment Officer Todd Hargreaves will host a conference call to discuss these results.

Service Properties Trust (Nasdaq: SVC) today announced that the characterization of dividends for 2021 income tax reporting purposes is as follows:

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.01 per common share ($0.04 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on January 24, 2022, and distributed on or about February 17, 2022.

Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it reached an agreement with Sonesta International Hotels Corporation, or Sonesta, to amend their existing management agreements effective January 1, 2022. SVC currently owns 262 hotels that are managed by Sonesta and 68 of these hotels are expected to be sold, or the sale hotels. Among other terms, the changes to the agreements between SVC and Sonesta for 194 hotels, or the retained hotels, are as follows:

Service Properties Trust (Nasdaq: SVC) today announced its financial results for the quarter ended September 30, 2021.

Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it reached an agreement with a subsidiary of Radisson Hospitality, Inc., or Radisson, to amend their previous management agreement for nine hotels owned by subsidiaries of SVC.

Service Properties Trust (Nasdaq: SVC) today announced a regular quarterly cash distribution on its common shares of $0.01 per common share ($0.04 per share per year). This distribution will be paid to SVC’s common shareholders of record as of the close of business on October 25, 2021 and distributed on or about November 18, 2021.

Service Properties Trust (Nasdaq: SVC) today announced that it will issue a press release containing its third quarter 2021 results after the Nasdaq closes on Thursday, November 4, 2021. On Friday, November 5, 2021 at 10:00 a.m. Eastern Time, President and Chief Executive Officer John Murray, Chief Financial Officer Brian Donley and Chief Investment Officer Todd Hargreaves will host a conference call to discuss these results.