industry news
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...
Service Properties Trust Sends Notice of Payment Shortfall to Marriott for Agreement Covering 122 Hotels
Service Properties Trust | September 25, 2020
Marriott Failed to Meet the Termination Threshold of 80% of Owner’s Priority Return through August. Failure to Pay the Shortfall Will Trigger SVC Termination Rights NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today sent a letter to Marriott International, Inc. (NYSE: MAR), or MAR, requesting MAR advance $11.0 million to cover the shortfall between the payments SVC has received to date from MAR and 80% of the priority returns due to SVC for the eight months ended August 2020. MAR has 10 days from receipt of the letter to make the payment, or SVC will have the right to terminate its agreement with MAR. SVC’s agreem...
Condor Hospitality Terminates Merger Agreement With NHT Operating Partnership
Condor Hospitality Trust, Inc. | September 21, 2020
NORFOLK, Neb. - Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the "Company") today announced that it has terminated its merger agreement with NHT Operating Partnership, LLC, the operating partnership of NexPoint Hospitality Trust (TSVX: NHT), and certain of its affiliates, effective September 18, 2020. Pursuant to its rights under the merger agreement, the Company terminated the merger agreement due to failure of NHT's operating partnership to consummate the acquisition of the Company and for material breaches of the merger agreement by NHT's operating partnership and its affiliates. Pursuant to the merger agreement, the Company i...
