service properties trust
Service Properties Trust Acquires 250-Key Nautilus Hotel in South Beach Miami for $165.4M
Service Properties Trust | June 2, 2023
NEWTON, Mass.---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...
Joint Venture of NewcrestImage & Hospitality Capital Partners Acquires 16-Hotel Portfolio for $137 Million
March 23, 2023
In a joint venture, Dallas-based NewcrestImage and Phoenix-based Hospitality Capital Partners (HCP) have acquired 16 hotels with a total of 2,155 rooms for $137.3 million from Service Properties Trust, a Massachusetts-based REIT. The transaction was handled by Al Calhoun and Mark Fair at CBRE in Atlanta. The portfolio consists of 13 Courtyard by Marriott hotels and three Residence Inn by Marriott hotels that are located in nine states – Georgia, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, South Carolina, Texas, and Virginia. Eleven of the properties underwent major renovations between 2018 and 2019. “This transa...
Service Properties Trust Appoints Todd Hargreaves as President and Chief Investment Officer Effective April 1, 2022
Service Properties Trust | March 14, 2022
NEWTON, MA - March 14, 2022 - Service Properties Trust (Nasdaq: SVC) today announced that Todd Hargreaves has been appointed as its President and Chief Investment Officer, effective April 1, 2022. Mr. Hargreaves has served as Vice President of SVC since 2019 and as Vice President and Chief Investment Officer of SVC since 2020. Mr. Hargreaves is also Senior Vice President of The RMR Group (Nasdaq: RMR), responsible for all real estate and real estate related acquisitions at RMR. Prior to joining RMR in 2010, Mr. Hargreaves worked at AIG Investments, where he was responsible for commercial real estate loan origination and asset managemen...
Service Properties Trust Amends Management Agreements With Sonesta
Service Properties Trust | January 4, 2022
NEWTON, MA - January 4, 2022 - Service Properties Trust, 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: The term for the retained hotels will expire on January 31, 2037 and includes two 15-year renewal options. All retained hotels are subject to a ...
Sonesta Adds Five Hotels to Portfolio
Sonesta | June 9, 2021
New Sonesta Select Hotels in Atlanta, GA; Austin, TX; Fort Wayne, IN; Kansas City, MO; and Tucson, AZ Newton, MA (June 7, 2021) – Sonesta International Hotels Corporation (Sonesta) today announced the addition of five hotels to the Sonesta Select hotel brand and its global hotel portfolio. All the hotels are owned by Service Properties Trust (Nasdaq: SVC) and were transferred to Sonesta as of June 2, 2021. These five hotels continue Sonesta’s recent expansion, with Sonesta increasing by approximately 350% the number of its U.S.-managed hotels since August 2020 and making Sonesta one of the fastest-growing hospitality companies in t...
Service Properties Trust Completes Transfer of 12 Additional Hotels to Sonesta
Service Properties Trust | December 16, 2020
NEWTON, Mass. -- December 16, 2020 -- Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has completed the previously announced transition of branding and management for 12 hotels to Sonesta International Hotels Corporation, or Sonesta. This includes three hotels from InterContinental Hotels Group, plc, or IHG, located in Canada and Puerto Rico and nine hotels from Marriott International, Inc., or MAR. SVC entered short term agreements with Sonesta to manage these 12 hotels that expire on December 31, 2021. The three hotels transitioned from IHG are now operated under the Royal Sonesta and Sonesta ES Suites brands. Th...
Service Properties Trust Completes Transfer of 99 Hotels to Sonesta
Service Properties Trust | December 2, 2020
NEWTON, Mass.---Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has completed the transition of branding and management for 99 hotels to subsidiaries of Sonesta International Hotels Corporation, or Sonesta, from InterContinental Hotels Group plc, or IHG. Three additional hotels located in Canada and Puerto Rico will transition to Sonesta in mid-December and one hotel located in Atlanta, GA will continue to be managed by IHG. SVC entered short term agreements with Sonesta to manage the 99 hotels that expire on December 31, 2021. These 99 hotels are now operated under the Royal Sonesta, Sonesta and Sonesta ES Suites ...
Service Properties Trust Completes the Sale of Eight Hotels for $45.3 Million
Service Properties Trust | November 23, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq:SVC) today announced that it has completed the previously announced sale of eight TownePlace Suites branded hotels with 834 rooms and a net carrying value of $35.0 million for an aggregate sales price of $45.3 million, excluding closing costs. The proceeds from the sale will be used for the repayment of debt. John Murray, President and Chief Executive Officer of SVC, made the following statement: “Given current market conditions, we are pleased to complete the sale of this hotel portfolio, which we had identified for disposition in late 2019. We were successful in achieving pricing co...
