Service Properties Trust Completes the Sale of Five Hotels for $22.3 Million
Service Properties Trust (Nasdaq: SVC) has finalized the sale of five former Hawthorn Suites hotels, comprising 430 rooms, for $22.3 million, exceeding their net carrying value of $10.7 million. The proceeds will be allocated for general business purposes. This transaction reflects the company’s strategic asset management and divestiture approach aimed at optimizing its portfolio.
- Sale of 5 hotels for $22.3 million, exceeding net carrying value by $11.6 million.
- None.
Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has completed the previously announced sale of five former Hawthorn Suites branded hotels with 430 rooms and a net carrying value of
About Service Properties Trust
Service Properties Trust is a real estate investment trust which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties across the United States and in Puerto Rico and Canada. SVC is managed by the majority owned operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, Massachusetts.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210521005066/en/
FAQ
What is the total sales price of the hotels sold by Service Properties Trust (SVC)?
How many rooms were included in the hotel sale by SVC?
What was the net carrying value of the hotels sold by SVC?
What will the proceeds from the hotel sale be used for?
Who manages Service Properties Trust (SVC)?
