Reached Agreement With Unit Of Hyatt To Amend Previous Management Agreement For 22 Hyatt Place Hotels Owned By Units Of Svc

Service Properties Trust

07/06/2021 13:54

June 7 (Reuters) - Service Properties Trust  SVC.O :
    * SERVICE PROPERTIES TRUST - REACHED AGREEMENT WITH UNIT OF
HYATT
TO AMEND PREVIOUS MANAGEMENT AGREEMENT FOR 22 HYATT PLACE HOTELS
OWNED BY UNITS OF SVC
    * SERVICE PROPERTIES TRUST - UNDER AMENDED AGREEMENT, HYATT
WILL
CONTINUE TO MANAGE 17 OF HOTELS FOR A 10-YEAR TERM EFFECTIVE AS
OF APRIL 1, 2021
    * SERVICE PROPERTIES TRUST - UNDER AGREEMENT, SVC'S OWNER'S
PRIORITY RETURN IS SET AT $12.0 MILLION ANNUALLY, SUPPORTED BY A
$30.0 MILLION GUARANTY
    * SERVICE PROPERTIES TRUST - UNDER AMENDED AGREEMENT, SVC
WILL
FUND ABOUT $50 MILLION FOR RENOVATIONS EXPECTED TO BE COMPLETED
BY END OF 2022

Source text for Eikon:  ID:nBwgF3m8a 
Further company coverage:  SVC.O 

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