Service Properties Trust Signs New Agreements With Marriott

January 3, 2020

NEWTON, Mass.--January 3, 2020--Service Properties Trust (Nasdaq: SVC) today announced that it has entered agreements with Marriott International, Inc. (NYSE: MAR), or Marriott, which combine its three existing Marriott operating agreements, historically referred to as the Marriott Nos. 1, 234 and 5 agreements, into a single portfolio for a 16-year term commencing January 1, 2020. The Marriott Nos. 1, 234 and 5 agreements included 122 hotels, provided for aggregate annual owner’s priority returns and rents due to SVC of $192.2 million and were scheduled to expire on December 31, 2024, 2025 and 2019, respectively. Among other terms, the new ...