<a href="https://laohu8.com/S/SVC">Service Properties Trust</a> Enters New 15-Year Management Agreement with Sonesta for 59 Hotels
Service Properties Trust has announced a new management agreement with Sonesta International Hotels Corporation, effective from August 1, 2025. The agreement covers the management of 59 hotels retained by Service Properties Trust and outlines an initial 15-year term, expiring on July 31, 2040, with options for two additional 10-year renewals. Under the agreement, Service Properties Trust is obligated to fund capital expenditures and maintain minimum working capital based on the number of rooms in each hotel. The agreement also includes conditions for termination in cases of default, casualty, condemnation events, or failure to meet performance thresholds over consecutive years. Additionally, Sonesta has agreed to waive termination fees for hotels designated for sale. This arrangement is part of Service Properties Trust's strategic realignment of their hotel portfolio.
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