Service Properties Trust and Hyatt Agree to Extend Termination Date
April 08 2021 - 4:15PM
Business Wire
SVC and Hyatt Remain in Discussions Regarding
Management Agreement
Service Properties Trust (Nasdaq: SVC), or SVC, today announced
that it has reached an agreement with a subsidiary of Hyatt Hotels
Corporation, or Hyatt, to extend the termination date of the
management agreement for 22 Hyatt Place hotels to May 22, 2021,
versus April 8, 2021, previously. SVC and Hyatt remain in
discussions regarding possible changes to the management agreement
which may enable some or all of the hotels to remain Hyatt Place
hotels managed by Hyatt.
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’s properties are operated by third
parties pursuant to management or lease agreements. SVC is managed
by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an
alternative asset management company that is headquartered in
Newton, Massachusetts.
Warning Concerning Forward-Looking Statements
This 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 “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and
negatives or derivatives of these or similar expressions, SVC is
making forward-looking statements. These forward-looking statements
are based upon SVC’s 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’s forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors, some of which are beyond SVC’s control. For example:
- Although SVC is continuing negotiations with Hyatt, there can
be no assurance that any agreement will be reached.
The information contained in SVC’s filings with the Securities
and Exchange Commission, or SEC, including under the caption “Risk
Factors” in SVC’s periodic reports, or incorporated therein,
identifies other important factors that could cause differences
from SVC’s forward-looking statements. SVC’s filings with the SEC
are available on the SEC's website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, SVC does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210408005859/en/
Kristin Brown, Director, Investor Relations (617) 796-8232
Service Properties (NASDAQ:SVC)
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