Brief: Service Properties Trust Sends Notice Of Payment Shortfall To Marriott For Agreement Covering 122 Hotels

Service Properties Trust

24/09/2020 22:43

Sept 24 (Reuters) - Service Properties Trust  SVC.O :
    * SERVICE PROPERTIES TRUST SENDS NOTICE OF PAYMENT SHORTFALL
TO
MARRIOTT FOR AGREEMENT COVERING 122 HOTELS
    * SERVICE PROPERTIES TRUST - MARRIOTT "FAILED TO MEET"
TERMINATION
THRESHOLD OF 80% OF OWNER'S PRIORITY RETURN THROUGH AUGUST
    * SERVICE PROPERTIES TRUST - IF MAR DOES NOT MAKE REQUESTED
PAYMENT AND SVC TERMINATES AGREEMENT PLANS TO TRANSITION
MANAGEMEN OF 122 HOTELS TO SONESTA
    * SERVICE PROPERTIES TRUST - OWNS APPROXIMATELY 34% OF
SONESTA AND
WOULD SHARE IN BENEFIT OF POTENTIAL NEW MANAGEMENT AGREEMENT

Source text for Eikon:  ID:nBw3Yxskma 
Further company coverage:  SVC.O 

 ((Reuters.Briefs@thomsonreuters.com;))