{"id":400818,"date":"2020-12-16T08:03:43","date_gmt":"2020-12-16T13:03:43","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=400818"},"modified":"2020-12-16T08:03:43","modified_gmt":"2020-12-16T13:03:43","slug":"service-properties-trust-completes-transfer-of-12-additional-hotels-to-sonesta","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/service-properties-trust-completes-transfer-of-12-additional-hotels-to-sonesta\/","title":{"rendered":"Service Properties Trust Completes Transfer of 12 Additional Hotels to Sonesta"},"content":{"rendered":"

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Service Properties Trust Completes Transfer of 12 Additional Hotels to Sonesta<\/b><\/p>\n

NEWTON, Mass.–(BUSINESS WIRE<\/a>)–Service Properties Trust<\/a> (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.\n<\/p>\n

\nSVC 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. The nine hotels transitioned from MAR are now operated under the recently launched Sonesta Select brand, a new, upscale select-service hotel concept.\n<\/p>\n

John Murray<\/a>, President and Chief Executive Officer of SVC, made the following statement regarding today\u2019s announcement:\n<\/p>\n

\n\u201cWe are excited about the launch of the Sonesta Select brand and the transitioning of 12 additional hotels to Sonesta, which follows the transition of 99 hotels to Sonesta successfully completed earlier this month. We believe that as a 34% owner of Sonesta, SVC will benefit from Sonesta\u2019s growth as well as share in more of the upside from the recovery of these hotels. The rebranding of these hotels with Sonesta will also create greater flexibility for us in managing through these challenging market conditions and give us improved decision-making control over possible dispositions or alternative uses.\u201d\n<\/p>\n

About Service Properties Trust<\/b><\/p>\n

\nService 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 with 149 distinct brands across 23 industries. 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.\n<\/p>\n

Warning Concerning Forward-Looking Statements<\/b><\/p>\n

\nThis press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever SVC uses words such as \u201cbelieve\u201d, \u201cexpect\u201d, \u201canticipate\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cestimate\u201d, \u201cwill\u201d, \u201cmay\u201d and negatives or derivatives of these or similar expressions, SVC is making forward-looking statements. These forward-looking statements are based upon SVC\u2019s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by SVC\u2019s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SVC\u2019s control. For example:\n<\/p>\n