Service Properties Trust (SVC) has revealed progress on its previously announced plan to sell 68 Sonesta-branded hotels. To date, 42 hotels totaling 6,348 keys have been sold for aggregate proceeds of $397.6 million. An additional 22 hotels totaling 1,781 keys are under purchase and sale agreements for an aggregate sales price of $141.0 million. SVC continues to market four additional hotels for sale. SVC currently expects the majority of the 22 hotels under purchase and sale agreements to close in the second quarter of 2022.
“The hotels we are selling are non-core to SVC,” said Todd Hargreaves, president/chief investment officer, SVC. “We expect that upon completion of this disposition initiative, SVC will have a higher quality lodging portfolio and enhanced liquidity.”