svc
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...
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 ...
