trending Market Intelligence /marketintelligence/en/news-insights/trending/2Kr_a8H-fQG_0ny0WiWIIw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Service Properties Trust, Marriott sign new agreements for 122 hotels

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform

Real Estate

Real Estate Solutions Overview


Service Properties Trust, Marriott sign new agreements for 122 hotels

Hotel landlord Service Properties Trust replaced its three existing operating agreements with Marriott International Inc. to form a single portfolio for a 16-year term which commenced Jan. 1.

Historically referred to as the Marriott Nos. 1, 234 and 5, the agreements included 122 hotels and provided $192.2 million in aggregate priority returns and rents due to Service Properties Trust, expiring on Dec. 31 of the years 2024, 2025 and 2019, respectively.

The new combined agreements combine all the 122 hotels economically and will be extended to 2035, with Marriott having the option to renew for two consecutive 10-year terms on an all-or-none basis.

Around 33 of the hotels will be sold or rebranded, the proceeds of which will go toward Service Properties to be deducted from the outstanding $192.2 million.