Service Properties Trust Terminates Agreements With Marriott for 122 Hotels

Service Properties Trust | October 7, 2020

SVC Terminated Marriott Agreements for Failure to Meet 80% Termination Threshold for Cumulative Owner’s Priority Returns to SVC through August SVC Plans to Transfer the Management of 98 of the 122 Hotels to Sonesta SVC has Entered Agreements to Sell 24 of the 122 Hotels for $153 million NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has terminated the management agreements for 122 hotels with Marriott International, Inc. (NYSE: MAR), or MAR. As previously announced, SVC sent a letter requesting MAR advance $11.0 million to cover the cumulative shortfall between the payments SVC had received to da...