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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-11527
SERVICE PROPERTIES TRUST
(Exact Name of Registrant as Specified in Its Charter)
Maryland04-3262075
(State or Other Jurisdiction of
Incorporation or Organization)		(I.R.S. Employer Identification No.)
Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts, 02458-1634
(Address of Principal Executive Offices) (Zip Code)
617-964-8389
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of each Exchange on which Registered
Common Shares of Beneficial InterestSVCThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of registrant’s common shares of beneficial interest, $.01 par value per share, outstanding as of August 2, 2024: 165,889,356.

Table of Contents
SERVICE PROPERTIES TRUST
FORM 10-Q
June 30, 2024

INDEX
 Page
References in this Quarterly Report on Form 10-Q to the Company, SVC, we, us or our include Service Properties Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise.
2
Table of Contents
Part I. Financial Information
Item 1. Financial Statements
SERVICE PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
(unaudited)
 June 30, 2024December 31, 2023
ASSETS  
Real estate properties:  
Land$1,941,008 $1,972,145 
Buildings, improvements and equipment7,636,707 7,814,192 
Total real estate properties, gross9,577,715 9,786,337 
Accumulated depreciation(3,164,885)(3,181,797)
Total real estate properties, net6,412,830 6,604,540 
Acquired real estate leases and other intangibles, net118,753 130,622 
Assets held for sale116,984 10,500 
Cash and cash equivalents14,626 180,119 
Restricted cash14,830 17,711 
Equity method investment108,106 113,304 
Due from related persons28,959 6,376 
Other assets, net306,573 292,944 
Total assets$7,121,661 $7,356,116 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Revolving credit facility$— $— 
Senior secured notes, net970,051 968,017 
Senior unsecured notes, net4,014,023 3,993,327 
Mortgage notes payable, net563,727 558,876 
Accounts payable and other liabilities552,649 587,005 
Due to related persons12,405 22,758 
Total liabilities6,112,855 6,129,983 
Commitments and contingencies
Shareholders’ equity:  
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,903,837 and 165,769,595 shares issued and outstanding, respectively
1,659 1,658 
Additional paid in capital4,559,220 4,557,473 
Cumulative other comprehensive income1,782 2,318 
Cumulative net income2,318,267 2,470,500 
Cumulative common distributions(5,872,122)(5,805,816)
Total shareholders’ equity1,008,806 1,226,133 
Total liabilities and shareholders’ equity$7,121,661 $7,356,116 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
Table of Contents
SERVICE PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
 2024202320242023
Revenues:  
Hotel operating revenues$412,486 $404,327 $748,722 $739,123 
Rental income100,462 99,452 200,476 193,865 
Total revenues512,948 503,779 949,198 932,988 
Expenses: 
Hotel operating expenses328,247 309,100 633,333 608,666 
Net lease operating expenses4,958 4,372 9,681 8,277 
Depreciation and amortization95,674 94,571 188,781 194,610 
General and administrative10,681 12,420 21,187 23,331 
Transaction related costs— 931 — 1,818 
Loss on asset impairment, net34,887 9,005 37,338 9,005 
Total expenses474,447 430,399 890,320 845,707 
(Loss) gain on sale of real estate, net(32)(62)(2,995)41,836 
(Loss) gain on equity securities, net— (593)— 48,837 
Interest income819 3,468 2,781 6,254 
Interest expense (including amortization of debt issuance costs, discounts and premiums of $7,466, $6,804, $14,692 and $12,036, respectively)
(93,850)(82,503)(185,264)(164,083)
Loss on early extinguishment of debt, net(16,048)(238)(16,048)(282)
(Loss) income before income tax expense and equity in (losses) earnings of an investee(70,610)(6,548)(142,648)19,843 
Income tax expense(524)(5,247)(1,531)(1,467)
Equity in (losses) earnings of an investee(2,716)517 (8,054)(3,704)
Net (loss) income(73,850)(11,278)(152,233)14,672 
Other comprehensive (loss) income:
Equity interest in investee’s unrealized (losses) gains(192)215 (536)1 
Other comprehensive (loss) income(192)215 (536)1 
Comprehensive (loss) income $(74,042)$(11,063)$(152,769)$14,673 
Weighted average common shares outstanding (basic and diluted)165,198 164,902 165,178 164,884 
Net (loss) income per common share (basic and diluted)$(0.45)$(0.07)$(0.92)$0.09 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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SERVICE PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(dollars in thousands)
(unaudited)
Number of SharesCommon SharesCumulative Common DistributionsAdditional Paid in CapitalCumulative
Net Income 		Cumulative Other Comprehensive IncomeTotal
Balance at December 31, 2023165,769,595 $1,658 $(5,805,816)$4,557,473 $2,470,500 $2,318 $1,226,133 
Net loss— — — — (78,383)— (78,383)
Equity interest in investee’s unrealized losses— — — — — (344)(344)
Common share grants— — — 430 — — 430 
Common share repurchases(1,537)— — (13)— — (13)
Distributions— — (33,154)— — — (33,154)
Balance at March 31, 2024165,768,058 1,658 (5,838,970)4,557,890 2,392,117 1,974 1,114,669 
Net loss— — — — (73,850)— (73,850)
Equity interest in investee’s unrealized losses— — — — — (192)(192)
Common share grants146,040 1 — 1,395 — — 1,396 
Common share repurchases(10,261)— — (65)— — (65)
Distributions— — (33,152)— — — (33,152)
Balance at June 30, 2024165,903,837 $1,659 $(5,872,122)$4,559,220 $2,318,267 $1,782 $1,008,806 
Balance at December 31, 2022165,452,566 $1,655 $(5,673,386)$4,554,861 $2,503,279 $2,383 $1,388,792 
Net income— — — — 25,950 — 25,950 
Equity interest in investee’s unrealized losses— — — — — (214)(214)
Common share grants— — — 514 — — 514 
Common share repurchases(4,971)— — (46)— — (46)
Common share forfeitures(1,600)— — (1)— — (1)
Distributions— — (33,090)— — — (33,090)
Balance at March 31, 2023165,445,995 1,655 (5,706,476)4,555,328 2,529,229 2,169 1,381,905 
Net loss— — — — (11,278)— (11,278)
Equity interest in investee’s unrealized gains— — — — — 215 215 
Common share grants56,000 — — 1,474 — — 1,474 
Common share repurchases(16,761)— — (150)— — (150)
Common share forfeitures(1,400)— — (2)— — (2)
Distributions— — (33,089)— — — (33,089)
Balance at June 30, 2023165,483,834 $1,655 $(5,739,565)$4,556,650 $2,517,951 $2,384 $1,339,075 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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SERVICE PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net (loss) income$(152,233)$14,672 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization188,781 194,610 
Net amortization of debt issuance costs, discounts and premiums as interest14,692 12,036 
Straight line rental income(10,546)(319)
Loss on early extinguishment of debt, net16,048 282 
Loss on asset impairment, net37,338 9,005 
Gains on equity securities, net— (48,837)
Equity in losses of an investee8,054 3,704 
Loss (gain) on sale of real estate, net2,995 (41,836)
Other non-cash income, net(881)(546)
Changes in assets and liabilities:
Due from related persons(22,583)(3,667)
Other assets(4,214)10,006 
Accounts payable and other liabilities(29,829)182,792 
Due to related persons(4,729)(3,399)
Net cash provided by operating activities42,893 328,503 
Cash flows from investing activities:
Acquisition of real estate properties— (165,688)
Proceeds from sale of TravelCenters of America Inc. common shares— 101,892 
Proceeds from sale of tradenames and trademarks— 89,400 
Real estate improvements(142,382)(63,562)
Hotel managers’ purchases with restricted cash(2,869)(3,041)
Net proceeds from sale of real estate5,844 144,959 
Investment in Sonesta(3,392)— 
Net cash (used in) provided by investing activities(142,799)103,960 
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of discounts— 576,946 
Repayment of mortgage notes payable(979)(653)
Proceeds from senior unsecured notes, net of discounts1,165,007 — 
Repayment of senior unsecured notes(1,162,520)(500,000)
Payment of debt issuance costs(3,592)(37,176)
Repurchase of common shares(78)(196)
Distributions to common shareholders(66,306)(66,179)
Net cash used in financing activities(68,468)(27,258)
(Decrease) increase in cash and cash equivalents and restricted cash(168,374)405,205 
Cash and cash equivalents and restricted cash at beginning of period197,830 45,420 
Cash and cash equivalents and restricted cash at end of period$29,456 $450,625 
Supplemental disclosure of cash and cash equivalents and restricted cash:
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows:
Cash and cash equivalents$14,626 $434,867 
Restricted cash(1)
14,830 15,758 
Total cash and cash equivalents and restricted cash$29,456 $450,625 
(1) Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed as required by certain of our debt agreements.
Supplemental cash flow information:
Cash paid for interest$184,737 $152,294 
Cash paid for income taxes$2,886 $1,398 
Non-cash investing activities:
Real estate improvements accrued, not paid$37,499 $17,081 
Non-cash financing activities:
Extinguishment of senior unsecured notes
$(2,569)$— 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
6
SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share amounts)
(unaudited)

Note 1. Organization and Basis of Presentation
Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, 1995 under the laws of the State of Maryland, which invests in hotels and service-focused retail net lease properties. At June 30, 2024, we owned, directly and through our subsidiaries, 220 hotels and 749 service-focused retail net lease properties.
Basis of Presentation
The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023, or our 2023 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period have been included. These condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year.
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets and impairment of real estate and related intangibles.
We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification™, or ASC. We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs were $165,766 and $142,789 as of June 30, 2024 and December 31, 2023, respectively, and consist primarily of our TRSs’ investment in Sonesta Holdco Corporation’s, or Sonesta’s, common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $107,250 and $81,262 as of June 30, 2024 and December 31, 2023, respectively, and consist primarily of amounts payable to certain of our hotel managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs.
Note 2. Recent Accounting Pronouncements
On November 27, 2023, the FASB issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, or ASU No. 2023-07, which requires public entities to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the Chief Operating Decision Maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting, or ASC 280, in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. The amendments in ASU No. 2023-07 are incremental to the requirements in ASC 280 and do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. ASU No. 2023-07 should be applied retrospectively to all prior periods presented in the financial statements and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-07 will have on our consolidated financial statements and disclosures.
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)

On December 14, 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU No. 2023-09, which requires public entities to enhance its annual income tax disclosures by requiring: (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU No. 2023-09 should be applied prospectively but entities have the option to apply it retrospectively to all prior periods presented in the financial statements. ASU No. 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU No. 2023-09 will have on our consolidated financial statements and disclosures.
Note 3. Revenue Recognition
We report hotel operating revenues for managed hotels in our condensed consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided.
We report rental income for leased properties in our condensed consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the terms of the lease agreements. We increased rental income by $4,778 and $2,767 for the three months ended June 30, 2024 and 2023, respectively, and increased rental income by $10,546 and $319 for the six months ended June 30, 2024 and 2023, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Other assets, net, includes $70,479 and $56,833 of straight line rent receivables at June 30, 2024 and December 31, 2023, respectively.
Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We determine percentage rent due to us under our leases monthly, quarterly or annually, as applicable, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $471 and $4,449 for the three months ended June 30, 2024 and 2023, respectively, and $1,015 and $4,792 for the six months ended June 30, 2024 and 2023, respectively.
We own all the escrowed reserves established for the regular refurbishment of our hotels, or FF&E reserves. We do not report the FF&E reserves for our managed hotels as FF&E reserve income.
Note 4. Per Common Share Amounts
We calculate basic earnings per common share using the two class method. We calculate diluted earnings per common share using the more dilutive of the two class method or the treasury stock method. Unvested common share awards and other potentially dilutive common shares, together with the related impact on earnings, are considered when calculating diluted earnings per share. For the three and six months ended June 30, 2024 and 2023, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.
Note 5. Real Estate Properties
As of June 30, 2024, we owned 220 hotels with an aggregate of 37,697 rooms or suites and 749 service-focused retail net lease properties with an aggregate of 13,384,219 square feet that are primarily subject to “triple net” leases, or net leases where the tenant is generally responsible for payment of operating expenses and capital expenditures of the property during the lease term. Our properties had an aggregate undepreciated carrying value of $9,807,697, including $229,982 related to properties classified as held for sale as of June 30, 2024.
We funded capital improvements to certain of our properties of $135,124 during the six months ended June 30, 2024.
Dispositions
During the six months ended June 30, 2024, we sold four properties for an aggregate sales price of $6,247, excluding closing costs. The sales of these properties as presented in the table below do not represent significant dispositions, individually or in the aggregate, nor do they represent a strategic shift in our business. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our condensed consolidated statements of comprehensive income (loss).
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Quarter SoldProperty TypeNumber of PropertiesRooms or Suites / Square FeetGross Sales PriceLoss on Sale of Real Estate
Q1 2024Hotel184 $3,315 $(863)
Q1 2024Net Lease334,849 2,932 (2,132)
4
84 / 34,849
$6,247 $(2,995)
As of June 30, 2024, we had 20 hotels with an aggregate of 2,541 keys and an aggregate carrying value of $107,044 and 13 net lease properties with an aggregate of 142,329 square feet and an aggregate carrying value of $7,169 classified as held for sale. See Note 14 for further information on these properties.
From July 1, 2024 through August 2, 2024, we sold two hotels with an aggregate of 346 keys for an aggregate sales price of $10,800, excluding closing costs, and three vacant net lease properties with an aggregate of 9,388 square feet for an aggregate sales price of $1,800, excluding closing costs.
As of August 2, 2024, we have entered into agreements to sell 16 hotels with an aggregate of 1,930 keys for an aggregate sales price of $113,200, excluding closing costs, and one net lease property with 3,381 square feet for a sales price of $1,250, excluding closing costs. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales, that these sales will not be delayed or that the terms will not change. We continue to market three hotels with an aggregate of 407 keys and nine net lease properties with an aggregate of 129,560 square feet for sale. We believe it is probable that the sales of these properties will be completed within one year.
Note 6. Management Agreements and Leases
As of June 30, 2024, we owned 220 hotels included in four operating agreements and 749 service-focused retail properties net leased to 178 tenants. We do not operate any of our properties.
As of June 30, 2024, all 220 of our hotels were managed by subsidiaries of the following companies: Sonesta (195 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (seven hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). As of June 30, 2024, we owned 749 service-focused retail net lease properties with 178 tenants, including 175 travel centers leased to TA, our largest tenant. Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators.
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Hotel Agreements
Sonesta Agreement. As of June 30, 2024, Sonesta managed 40 of our full-service hotels, 111 of our extended stay hotels and 44 of our select service hotels pursuant to management agreements for all of the hotels, which we collectively refer to as our Sonesta agreement. The hotels Sonesta managed for us comprised approximately 50.1% of our total historical real estate investments.
Our Sonesta agreement, which expires on January 31, 2037 and includes two 15-year renewal options, provides that we are paid an annual owner’s priority return if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta agreement further provides that we are paid an additional return equal to 80% of the operating profits, as defined therein, after paying the owner’s priority return, reimbursing owner or manager advances, funding FF&E reserves and paying Sonesta’s incentive fee, if applicable. We do not have any security deposits or guarantees for our Sonesta hotels. We realized returns under our Sonesta agreement of $75,130 and $84,899 during the three months ended June 30, 2024 and 2023, respectively, and $102,505 and $115,136 during the six months ended June 30, 2024 and 2023, respectively.
Our Sonesta agreement requires us to fund capital expenditures made at our hotels. We incurred capital expenditures for hotels included in our Sonesta agreement in an aggregate amount of $106,366 and $54,209 during the six months ended June 30, 2024 and 2023, respectively, which resulted in increases in our contractual annual owner’s priority returns of $6,382 and $3,253, respectively. Our annual priority return under our Sonesta agreement as of June 30, 2024 was $360,353. We owed Sonesta $7,883 and $13,300 for capital expenditures and other reimbursements at June 30, 2024 and December 31, 2023, respectively. Sonesta owed us $28,959 and $6,376 in owner’s priority returns and other amounts as of June 30, 2024 and December 31, 2023, respectively. Amounts due from Sonesta are included in due from related persons and amounts owed to Sonesta are included in due to related persons in our condensed consolidated balance sheets. Our Sonesta agreement requires that 5% of the hotel gross revenues be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the owner’s priority returns due to us. No FF&E escrow deposits were required during either of the three or six months ended June 30, 2024 or 2023.
Pursuant to our Sonesta agreement, we incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing programs and third-party reservation transmission fees of $32,969 and $32,121 for the three months ended June 30, 2024 and 2023, respectively, and $59,984 and $58,257 for the six months ended June 30, 2024 and 2023, respectively. These fees and costs are included in hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta of $587 and $341 for the three months ended June 30, 2024 and 2023, respectively, and $987 and $548 for the six months ended June 30, 2024 and 2023, respectively, which amounts have been capitalized in our condensed consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets.
We are required to maintain working capital for each of our hotels managed by Sonesta and have advanced a fixed amount based on the number of rooms in each hotel to meet the cash needs for hotel operations. As of each of June 30, 2024 and December 31, 2023, we had advanced $48,490 of initial working capital to Sonesta net of any working capital returned to us on termination of the applicable management agreements in connection with hotels we have sold. These amounts are included in other assets, net in our condensed consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreement.
See Notes 7 and 11 for further information regarding our relationships, agreements and transactions with Sonesta.
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Hyatt Agreement. As of June 30, 2024, Hyatt managed 17 of our select service hotels pursuant to a portfolio management agreement that expires on March 31, 2031, or our Hyatt agreement, and provides that, as of June 30, 2024, we are to be paid an annual owner’s priority return of $16,958. Any returns we receive from Hyatt are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Hyatt has provided us with a $30,000 limited guarantee for 75% of the aggregate annual owner’s priority returns due to us that will become effective upon substantial completion of planned renovations of the hotels, which we currently expect to occur in 2024. We realized returns of $3,314 and $4,388 during the three months ended June 30, 2024 and 2023, respectively, and $2,206 and $6,711 during the six months ended June 30, 2024 and 2023, respectively, under our Hyatt agreement. In February 2024, we funded $2,300 of additional working capital to Hyatt. We may recover this amount in the future, if cash flows are sufficient to pay our owner’s priority return and other amounts in accordance with our Hyatt agreement. During the six months ended June 30, 2024 and 2023, we incurred capital expenditures for certain hotels included in our Hyatt agreement of $23,377 and $454, respectively, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $1,403 and $27, respectively.
Radisson Agreement. As of June 30, 2024, Radisson managed seven of our full-service hotels pursuant to a portfolio management agreement that expires on July 31, 2031, or our Radisson agreement, and provides that we are to be paid an annual owner’s priority return of $10,898. Radisson has provided us with a $22,000 limited guarantee for 75% of the aggregate annual owner’s priority returns due to us that became effective on January 1, 2023, subject to adjustment for planned renovations of certain hotels, which we currently expect to be completed by the end of the third quarter of 2024. We realized returns under our Radisson agreement of $1,789 and $1,799 during the three months ended June 30, 2024 and 2023, respectively, and $3,240 and $3,364 during the six months ended June 30, 2024 and 2023, respectively. During the six months ended June 30, 2023, the hotels under this agreement generated cash flows that were less than the guaranteed owner’s priority level due to us for these periods, and we reduced hotel operating expenses by $140 to record the guaranteed amounts of the shortfalls due from Radisson. The available balance of the guaranty was $21,350 as of June 30, 2024. During the six months ended June 30, 2024 and 2023, we incurred capital expenditures of $544 and $4,749, respectively, for the hotels included in our Radisson agreement, which resulted in an aggregate increase in our contractual owner’s priority returns of $32 and $285, respectively.
Marriott Agreement. As of June 30, 2023, we had sold all 16 hotels previously managed by Marriott International, Inc., or Marriott. We realized a net operating loss of $2,762 during the six months ended June 30, 2023, under our management agreement with Marriott. We did not incur capital expenditures for any of the hotels included in our management agreement with Marriott during the six months ended June 30, 2023.
IHG Agreement. Our management agreement with IHG for one hotel expires on January 31, 2026. We realized returns under our management agreement with IHG of $1,536 and $1,517 during the three months ended June 30, 2024 and 2023, respectively, and $3,129 and $2,280 during the six months ended June 30, 2024 and 2023, respectively. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. During the six months ended June 30, 2024 and 2023, we incurred capital expenditures of $221 and $328, respectively, for the hotel included in our IHG agreement.
Net Lease Portfolio
As of June 30, 2024, we owned 749 service-focused retail net lease properties with an aggregate of 13,384,219 square feet with leases requiring annual minimum rents of $380,457 with a weighted (by annual minimum rents) average remaining lease term of 8.4 years. Our net lease properties were 97.3% occupied and leased by 178 tenants operating under 139 brands in 21 distinct industries.
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
TA Leases. As of June 30, 2024, TA is our largest tenant, representing 28.5% of our total historical real estate investments. We lease to TA a total of 175 travel centers under five master leases that expire in 2033, or our TA leases, subject to TA’s right to extend those leases, and require annual minimum rents of $259,080 as of June 30, 2024. TA receives a monthly rent credit totaling $25,000 per year over the 10-year initial term of the TA leases as a result of rent it prepaid. On February 28, 2024, TA acquired the leasehold interest of one of our travel centers from a third party landlord. The aggregate minimum rent due to us under our leases with TA for the remaining 175 travel centers was unchanged as a result of TA’s acquisition of this leasehold interest.
Our TA leases are “triple net” leases that require TA to pay all costs incurred in the operation of the leased travel centers, including personnel, utility, inventory, customer service and insurance expenses, real estate and personal property taxes, environmental related expenses, underground storage tank maintenance costs and ground lease payments at those travel centers at which we lease the property and sublease it to TA. Our TA leases generally require TA to indemnify us for certain environmental matters and for liabilities that arise during the terms of the leases from ownership or operation of the leased travel centers. Our TA leases do not require FF&E escrow deposits. However, TA is required to maintain the leased travel centers, including structural and non-structural components. BP Corporation North America Inc. guarantees payment under each of the TA leases, limited to an aggregate cap which was $3,037,475 as of June 30, 2024.
We recognized rental income from our TA leases of $67,834 and $65,260 for the three months ended June 30, 2024 and 2023, respectively, and $135,668 and $127,401 for the six months ended June 30, 2024 and 2023, respectively. Rental income was increased by $3,885 and $2,555 for the three months ended June 30, 2024 and 2023, respectively, and increased by $8,194 and reduced by $686 for the six months ended June 30, 2024 and 2023, respectively, to record the scheduled rent changes on a straight line basis. As of June 30, 2024 and December 31, 2023, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $30,872 and $19,816, respectively, included in other assets, net in our condensed consolidated balance sheets.
Until May 15, 2023, our TA leases required TA to pay us percentage rent based upon increases in certain sales. We recognized percentage rent due under our TA leases as rental income when all contingencies were met. We recognized percentage rent of $3,507 during the three and six months ended June 30, 2023 under our TA leases. We had no deferred percentage rent for either the three or six months ended June 30, 2023.
For more information regarding our relationships with TA, including the TA Merger (as defined below), see Notes 7 and 11.
Our other net lease agreements generally provide for minimum rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We recognized rental income from our net lease properties (excluding TA) of $32,628 and $34,192 for the three months ended June 30, 2024 and 2023, respectively, which included $893 and $212, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight line basis, and $64,808 and $66,464 for the six months ended June 30, 2024 and 2023, respectively, which included $2,352 and $1,005, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight line basis.
We continually review receivables related to rent, straight line rent and property operating expense reimbursements and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The review includes an assessment of whether substantially all of the amounts due under a tenant’s lease are probable of collection. For leases that are deemed probable of collection, revenue continues to be recorded on a straight line basis over the lease term. For leases that are deemed not probable of collection, revenue is recorded as cash is received. We recognize all changes in the collectability assessment for an operating lease as an adjustment to rental income. We recorded reserves for uncollectable amounts and reduced rental income by $377 and $1,042 for the three and six months ended June 30, 2024, respectively, based on our assessment of the collectability of rents. We recorded reserves for uncollectable amounts and reduced rental income by $1,813 and $5,353 for the three and six months ended June 30, 2023, respectively, based on our assessment of the collectability of rents. We had reserves for uncollectable rents of $4,366 and $3,436 as of June 30, 2024 and December 31, 2023, respectively, included in other assets, net in our condensed consolidated balance sheets.
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Note 7. Other Investments
Equity Method Investment
As of both June 30, 2024 and December 31, 2023, we owned 34% of Sonesta’s outstanding common stock. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting.
As of June 30, 2024 and December 31, 2023, our investment in Sonesta had a carrying value of $108,106 and $113,304, respectively. On the date of acquisition of our initial equity interest in Sonesta (February 27, 2020), the cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value by an aggregate of $8,000. As required under GAAP, we are amortizing this difference to equity in earnings of an investee over 31 years, the weighted average remaining useful life of the real estate assets and intangible assets and liabilities owned by Sonesta as of the date of our acquisition. We recorded amortization of the basis difference of $65 in each of the three months ended June 30, 2024 and 2023 and $130 in each of the six months ended June 30, 2024 and 2023. We recognized losses related to our investment in Sonesta of $2,716 and earnings of $517 for the three months ended June 30, 2024 and 2023, respectively, and losses of $8,054 and $3,704 for the six months ended June 30, 2024 and 2023, respectively. These amounts, which include amortization of the basis difference, are included in equity in earnings (losses) of an investee in our condensed consolidated statements of comprehensive income (loss).
We recorded a liability of $42,000 for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our condensed consolidated balance sheets and is being amortized on a straight line basis through the initial term of the Sonesta agreement, January 31, 2037, as a reduction to hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $621 for each of the three months ended June 30, 2024 and 2023 and $1,242 for each of the six months ended June 30, 2024 and 2023 for amortization of this liability. As of June 30, 2024 and December 31, 2023, the unamortized balance of this liability was $31,237 and $32,479, respectively.
In March 2024, we made a $3,392 pro rata capital contribution to Sonesta to support its growth initiatives, including its franchising efforts. We continue to maintain our 34% ownership in Sonesta after giving effect to this contribution.
See Notes 6 and 11 for further information regarding our relationships, agreements and transactions with Sonesta.
Investment in Equity Securities
Until May 15, 2023, we owned 1,184,797 shares, or approximately 7.8%, of TA common stock, which were reported at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP) as of the end of the period, with changes in fair value recorded in earnings in our condensed consolidated statements of comprehensive income (loss). As of May 15, 2023, our historical cost basis for these shares was $24,418 and our carrying value for these shares was $101,893. On May 15, 2023, BP Products North America Inc. acquired TA pursuant to a merger, or the TA Merger, for $86.00 per share of TA common stock in cash. We recorded a loss of $593 during the three months ended June 30, 2023, and a gain of $48,837 during the six months ended June 30, 2023 to adjust the carrying value of our former investment in shares of TA common stock to its fair value.
Note 8. Indebtedness
Our principal debt obligations at June 30, 2024 were: (1) $4,075,000 aggregate outstanding principal amount of senior unsecured notes; (2) $1,000,000 aggregate outstanding principal amount of senior secured notes; and (3) $607,590 aggregate outstanding principal amount of net lease mortgage notes. We had no amounts outstanding under our revolving credit facility as of June 30, 2024.
Our $650,000 secured revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay, and reborrow funds available under our revolving credit facility until maturity and no principal repayments are due until maturity. The maturity date of our revolving credit facility is June 29, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date of the facility by two additional six-month periods.
13
SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Interest payable on drawings under our revolving credit facility is based on the secured overnight financing rate, or SOFR, plus a margin ranging from 1.50% to 3.00% based on our leverage ratio, as defined in our credit agreement, which was 2.50% as of June 30, 2024. As collateral for all loans and other obligations under the credit facility, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 72 properties, including 69 hotels and three net lease properties, with an aggregate undepreciated carrying value of $1,738,959 as of June 30, 2024. We also pay unused commitment fees of 20 to 30 basis points per annum on the total amount of lending commitments under our revolving credit facility based on amounts outstanding. As of June 30, 2024 and 2023, the annual interest rate payable on borrowings under our revolving credit facility was 7.83% and 7.64%, respectively. We had no borrowings outstanding under our revolving credit facility for either the three or six months ended June 30, 2024 or 2023.
Our debt agreements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes The RMR Group LLC, or RMR, ceasing to act as our business manager. Our debt agreements also contain covenants, including those that restrict our ability to incur debts or to make distributions under certain circumstances and generally require us to maintain certain financial ratios. Borrowings under our revolving credit facility are subject to meeting ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions. We believe we were in compliance with the terms and conditions of our debt agreements as of June 30, 2024.
Senior Guaranteed Unsecured Notes Issuance
In June 2024, we issued $700,000 aggregate principal amount of 8.375% senior guaranteed unsecured notes due 2029, or the 2029 Notes, and $500,000 aggregate principal amount of 8.875% senior guaranteed unsecured notes due 2032, or the 2032 Notes, in underwritten public offerings. The aggregate net proceeds from these notes were $1,162,284, after underwriting discounts and other offering expenses. These notes are fully and unconditionally guaranteed, on a joint and several basis and on a senior unsecured basis, by all of our subsidiaries, except for our foreign subsidiaries and certain other excluded subsidiaries. Such other excluded subsidiaries include, but are not limited to, subsidiaries whose equity has been pledged to secure borrowings under our credit agreement and our 8.625% senior secured notes due 2031, and subsidiaries whose assets secure our net lease mortgage notes.
Repayment of 2025 Maturities
In June 2024, we redeemed all of our outstanding 7.50% senior unsecured notes due 2025 for a redemption price equal to the principal amount of $800,000, plus accrued and unpaid interest and a premium equal to a make whole amount. As a result of the redemption, we recorded a loss on early extinguishment of debt of $17,681 during the three and six months ended June 30, 2024, which represented the make whole premium and the write-off of unamortized discounts and issuance costs related to these notes.
In June 2024, we repurchased $272,803 principal amount of our $350,000 4.50% senior unsecured notes due 2025 at a total cost of $270,396, excluding accrued interest, pursuant to a cash tender offer. Also in June 2024, we effected the satisfaction and discharge of the remaining $77,197 principal amount of our $350,000 4.50% senior unsecured notes due 2025 that were not purchased as part of the tender offer in accordance with its terms. As a result of these transactions, we recorded a gain on early extinguishment of debt of $1,633 during the three and six months ended June 30, 2024, which represented the discount to par paid to repurchase the notes, net of the write-off of unamortized discounts and issuance costs related to these notes.
Net Lease Mortgage Notes
Our $610,200 in aggregate principal amount of net lease mortgage notes were issued on February 10, 2023 by our wholly owned, special purpose bankruptcy remote, indirect subsidiary, SVC ABS LLC, or the Issuer. The Issuer is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the Issuer are not available to pay or otherwise satisfy obligations to the creditors of any owners or affiliates of the Issuer.
14
SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Our net lease mortgage notes are summarized below:
Note Class
Principal Outstanding as of June 30, 2024
Coupon RateInitial Term (in years)Maturity
Class A$302,967 5.15%5February 2028
Class B172,423 5.55%5February 2028
Class C132,200 6.70%5February 2028
Total / weighted average$607,590 5.60%
The Class A notes and the Class B notes require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Class C notes require interest payments only, with balloon payments due at maturity. The notes mature in February 2028 and may be redeemed without penalty 24 months prior to the scheduled maturity date beginning in February 2026. The notes are non-recourse and are secured by 308 net lease retail properties owned by the Issuer. The current leases relating to those properties require annual minimum rents of $65,173 and had an aggregate undepreciated carrying value of $753,474 as of June 30, 2024.
Note 9. Shareholders’ Equity
Share Awards
On June 14, 2024, in accordance with our Trustee compensation arrangements, we awarded 18,255 of our common shares, valued at $4.93 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day to each of our eight Trustees as part of their annual compensation.
Share Purchases
During the six months ended June 30, 2024, we purchased an aggregate of 11,798 of our common shares, valued at a weighted average share price of $6.66 per common share, from certain former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We withheld and purchased these common shares at their fair market values based upon the trading prices of our common shares at the close of trading on Nasdaq on the applicable purchase dates.
Distributions
During the six months ended June 30, 2024, we declared and paid regular quarterly distributions to common shareholders as follows:
Declaration DateRecord DatePaid DateDividend Per Common ShareTotal Distributions
January 11, 2024January 22, 2024February 15, 2024$0.20 $33,154 
April 11, 2024April 22, 2024May 16, 20240.20 33,152 
$0.40 $66,306 
On July 11, 2024, we declared a regular quarterly distribution to common shareholders of record as of July 22, 2024 of $0.20 per common share, or approximately $33,178. We expect to pay this distribution on or about August 15, 2024.
Note 10. Business and Property Management Agreements with RMR
We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations of our net lease portfolio, the office building component of one of our hotels and major renovation or repositioning activities at our hotels that we may request RMR to manage from time to time.
15
SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Pursuant to our business management agreement with RMR, we recognized net business management fees of $7,440 and $8,287 for the three months ended June 30, 2024 and 2023, respectively, and $15,197 and $16,672 for the six months ended June 30, 2024 and 2023, respectively. Based on our common share total return, as defined in our business management agreement, as of each of June 30, 2024 and 2023, no incentive fees are included in the net business management fees we recognized for the three and six months ended June 30, 2024 or 2023. The actual amount of annual incentive fees for 2024, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2024, and will be payable in January 2025. We did not incur an incentive fee payable to RMR for the year ended December 31, 2023. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss).
Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $2,839 and $1,846 for the three months ended June 30, 2024 and 2023, respectively, and $6,019 and $3,258 for the six months ended June 30, 2024 and 2023, respectively. Of those amounts, for the three months ended June 30, 2024 and 2023, $1,505 and $937, respectively, of property management fees were expensed to net lease operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,334 and $909, respectively, of construction supervision fees were capitalized as building improvements in our condensed consolidated balance sheets. For the six months ended June 30, 2024 and 2023, $2,989 and $1,882, respectively, of property management fees were expensed to net lease operating expenses in our condensed consolidated statements of comprehensive income (loss) and $3,030 and $1,376, respectively, of construction supervision fees were capitalized as building improvements in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets.
We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees assigned to work exclusively or partly at our net lease properties and the office building component of one of our hotels, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR $1,032 and $1,116 for these expenses and costs for the three months ended June 30, 2024 and 2023, respectively, and $2,126 and $2,119 for these expenses and costs for the six months ended June 30, 2024 and 2023, respectively. We included these amounts in net lease operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss).
Note 11. Related Person Transactions
We have relationships and historical and continuing transactions with TA, Sonesta, RMR, The RMR Group, Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. As of the effective time of the TA Merger on May 15, 2023, TA is no longer a related person to us. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. John G. Murray, our other Managing Trustee and our former President and Chief Executive Officer, also serves as an officer and employee of RMR and as president and chief executive officer of Sonesta. In addition, each of our other officers serves as an officer of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Other officers of RMR, including certain of our officers, serve as managing trustees or officers of certain of these companies.
RMR provides management services to us and, until the TA Merger, provided services to TA, and Mr. Portnoy, until the TA Merger, also served as the chair of the board of directors and as a managing director of TA and, as of immediately prior to the TA Merger, beneficially owned 661,506 shares of TA common stock (including through RMR), representing approximately 4.4% of TA’s outstanding shares of common stock.
See Notes 6 and 7 for further information regarding our relationships, agreements and transactions with TA.
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Sonesta. Sonesta is a private company. Mr. Portnoy is the largest owner and controlling shareholder and a director of Sonesta. Mr. Murray is a director of Sonesta and is its president and chief executive officer, and he is an officer and employee of RMR. Sonesta’s other director serves as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary, as a managing director of RMR Inc. and as our Secretary. RMR also provides certain services to Sonesta. As of June 30, 2024, we owned 34% of Sonesta’s outstanding shares of common stock and Sonesta managed 195 of our hotels. See Notes 6 and 7 for further information regarding our relationships, agreements and transactions with Sonesta.
Our Manager, RMR. We have two agreements with RMR to provide management services to us. See Note 10 for further information regarding our management agreements with RMR.
For further information about these and certain other such relationships and certain other related person transactions, refer to our 2023 Annual Report.
Note 12. Income Taxes
We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, or the IRC, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision (or benefit) includes the income tax provision (or benefit) related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT.
During the three months ended June 30, 2024, we recognized income tax expense of $524, which includes $88 of state tax expense and $436 of foreign tax expense. During the three months ended June 30, 2023, we recognized income tax expense of $5,247, which includes $2,884 of state tax expense and $2,363 of foreign tax expense.
During the six months ended June 30, 2024, we recognized income tax expense of $1,531, which includes $709 of state tax expense and $822 of foreign tax expense. During the six months ended June 30, 2023, we recognized income tax expense of $1,467, which includes $587 of state tax expense and $880 of foreign tax expense.
Note 13. Segment Information
We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics.
17
SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30, 2024
HotelsNet LeaseCorporateConsolidated
Revenues:    
Hotel operating revenues$412,486 $— $— $412,486 
Rental income— 100,462 — 100,462 
Total revenues412,486 100,462 — 512,948 
Expenses:    
Hotel operating expenses 328,247 — — 328,247 
Net lease operating expenses— 4,958 — 4,958 
Depreciation and amortization 55,389 40,285 — 95,674 
General and administrative — — 10,681 10,681 
Loss on asset impairment, net33,107 1,780 — 34,887 
Total expenses 416,743 47,023 10,681 474,447 
Loss on sale of real estate, net(27)(5)— (32)
Interest income 64 36 719 819 
Interest expense — (11,441)(82,409)(93,850)
Loss on early extinguishment of debt, net— — (16,048)(16,048)
(Loss) income before income tax expense and equity in losses of an investee
(4,220)42,029 (108,419)(70,610)
Income tax expense— — (524)(524)
Equity in losses of an investee — — (2,716)(2,716)
Net (loss) income$(4,220)$42,029 $(111,659)$(73,850)
 Six Months Ended June 30, 2024
HotelsNet LeaseCorporateConsolidated
Revenues:    
Hotel operating revenues $748,722 $— $— $748,722 
Rental income— 200,476 — 200,476 
Total revenues 748,722 200,476 — 949,198 
Expenses:    
Hotel operating expenses 633,333 — — 633,333 
Net lease operating expenses— 9,681 — 9,681 
Depreciation and amortization 110,475 78,306 — 188,781 
General and administrative — — 21,187 21,187 
Loss on asset impairment, net33,107 4,231 — 37,338 
Total expenses 776,915 92,218 21,187 890,320 
Loss on sale of real estate, net(863)(2,132)— (2,995)
Interest income 127 141 2,513 2,781 
Interest expense — (22,958)(162,306)(185,264)
Loss on early extinguishment of debt, net— — (16,048)(16,048)
(Loss) income before income tax expense and equity in losses of an investee(28,929)83,309 (197,028)(142,648)
Income tax expense— — (1,531)(1,531)
Equity in losses of an investee — — (8,054)(8,054)
Net (loss) income$(28,929)$83,309 $(206,613)$(152,233)
 As of June 30, 2024
HotelsNet LeaseCorporateConsolidated
Total assets$3,955,348 $3,010,215 $156,098 $7,121,661 
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SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30, 2023
HotelsNet LeaseCorporateConsolidated
Revenues:   
Hotel operating revenues $404,327 $— $— $404,327 
Rental income— 99,452 — 99,452 
Total revenues 404,327 99,452 — 503,779 
Expenses:    
Hotel operating expenses 309,100 — — 309,100 
Net lease operating expenses— 5,202 (830)4,372 
Depreciation and amortization 53,449 41,122 — 94,571 
General and administrative — — 12,420 12,420 
Transaction related costs473 415 43 931 
Loss on asset impairment, net— 9,005 — 9,005 
Total expenses 363,022 55,744 11,633 430,399 
Gain (loss) on sale of real estate, net20 (82)— (62)
Loss on equity securities, net— — (593)(593)
Interest income 21 23 3,424 3,468 
Interest expense — (11,435)(71,068)(82,503)
Loss on early extinguishment of debt— — (238)(238)
Income (loss) before income tax expense and equity in earnings of an investee41,346 32,214 (80,108)(6,548)
Income tax expense— — (5,247)(5,247)
Equity in earnings of an investee — — 517 517 
Net income (loss)$41,346 $32,214 $(84,838)$(11,278)
 Six Months Ended June 30, 2023
HotelsNet LeaseCorporateConsolidated
Revenues:    
Hotel operating revenues $739,123 $— $— $739,123 
Rental income— 193,865 — 193,865 
Total revenues 739,123 193,865 — 932,988 
Expenses:    
Hotel operating expenses 608,666 — — 608,666 
Net lease operating expenses— 8,277 — 8,277 
Depreciation and amortization 106,834 87,776 — 194,610 
General and administrative — — 23,331 23,331 
Transaction related costs473 415 930 1,818 
Loss on asset impairment, net— 9,005 — 9,005 
Total expenses 715,973 105,473 24,261 845,707 
Gain (loss) on sale of real estate, net41,918 (82)— 41,836 
Gain on equity securities, net— — 48,837 48,837 
Interest income51 25 6,178 6,254 
Interest expense— (17,757)(146,326)(164,083)
Loss on early extinguishment of debt— — (282)(282)
Income (loss) before income tax expense and equity in losses of an investee65,119 70,578 (115,854)19,843 
Income tax expense— — (1,467)(1,467)
Equity in losses of an investee — — (3,704)(3,704)
Net income (loss)$65,119 $70,578 $(121,025)$14,672 
 As of December 31, 2023
HotelsNet LeaseCorporateConsolidated
Total assets$3,943,213 $3,084,686 $328,217 $7,356,116 
19
SERVICE PROPERTIES TRUST
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share amounts)
(unaudited)
Note 14. Fair Value of Assets and Liabilities
The table below presents certain of our assets carried at fair value at June 30, 2024, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
Fair Value at Reporting Date Using
DescriptionTotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Non-recurring Fair Value Measurement Assets:
Assets of properties held for sale (1)(2)
$44,025 $— $40,211 $3,814 
(1)We recorded impairment charges totaling $33,449 during the six months ended June 30, 2024, to reduce the carrying value of eight hotels and two net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $1,497, based on negotiated sales prices with third party buyers (Level 2 inputs as defined in the fair value hierarchy under GAAP).
(2)We recorded impairment charges totaling $3,889 during the six months ended June 30, 2024, to reduce the carrying value of three net lease properties in our condensed consolidated balance sheet to their estimated fair value, less estimated costs to sell of $270, based on brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).
In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, net lease mortgage notes, senior notes and security deposits. At June 30, 2024 and December 31, 2023, the fair values of these financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows:
June 30, 2024December 31, 2023
Carrying Value (1)
Fair Value
Carrying Value (1)
Fair Value
Senior Unsecured Notes, due 2025 at 4.50%
$— $— $349,181 $341,688 
Senior Unsecured Notes, due 2025 at 7.50%
— — 796,007 808,888 
Senior Unsecured Notes, due 2026 at 5.25%
348,165 338,891 347,601 339,780 
Senior Unsecured Notes, due 2026 at 4.75%
448,652 421,650 448,347 419,909 
Senior Unsecured Notes, due 2027 at 4.95%
398,050 363,492 397,672 362,108 
Senior Guaranteed Unsecured Notes, due 2027 at 5.50%
446,195 418,023 445,631 412,002 
Net Lease Mortgage Notes, due 2028 at 5.60%
563,727 581,308 558,876 585,784 
Senior Unsecured Notes, due 2028 at 3.95%
395,930 334,992 395,355 327,708 
Senior Guaranteed Unsecured Notes, due 2029 at 8.375%
681,075 688,107 — — 
Senior Unsecured Notes, due 2029 at 4.95%
420,873 322,443 420,477 351,726 
Senior Unsecured Notes, due 2030 at 4.375%
393,623 282,532 393,056 310,524 
Senior Secured Notes, due 2031 at 8.625%
970,051 1,042,310 968,017 1,047,430 
Senior Guaranteed Unsecured Notes, due 2032 at 8.875%
481,460 466,370 — — 
Total financial liabilities$5,547,801 $5,260,118 $5,520,220 $5,307,547 
(1)Carrying value includes unamortized discounts, premiums and certain debt issuance costs.
At June 30, 2024 and December 31, 2023, we estimated the fair values of our senior notes using an average of the bid and ask price of the notes (Level 2 inputs) as of the measurement dates. At June 30, 2024 and December 31, 2023, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement dates (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.
20
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with our condensed consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our 2023 Annual Report.
Overview (dollars in thousands, except per share amounts and per room hotel data)
We are a REIT organized under the laws of the State of Maryland. As of June 30, 2024, we owned 969 properties in 46 states, the District of Columbia, Canada and Puerto Rico.
In response to significant and prolonged increases in inflation, the U.S. Federal Reserve raised interest rates multiple times since the beginning of 2022. Although the U.S. Federal Reserve has indicated that it may lower rates in 2024, we cannot be sure that it will do so, and interest rates may remain at the current high levels or increase. These inflationary pressures in the United States, as well as global geopolitical instability and tensions, have given rise to uncertainty regarding economic downturns or a possible recession and potential disruptions in the financial markets. Consumer confidence, corporate travel and lodging demand will continue to be affected by economic and market conditions, unemployment levels, work from home policies, use of technologies and broader economic trends. Increased labor costs and other price inflation may continue to negatively impact our hotel operations and the operations of our tenants. An economic recession or continued or intensified disruptions in the financial markets could adversely affect our financial condition, operations at our hotels, our tenants and their ability or willingness to renew our leases or pay rent to us, may restrict our ability to obtain new or replacement financing, would likely increase our cost of capital, and may cause the values of our properties to decline.
Management Agreements and Leases. At June 30, 2024, we owned 220 hotels operated under four agreements. We leased all of these hotels to our wholly owned TRSs that are managed by hotel operating companies as of that date. At June 30, 2024, we also owned 749 service-focused retail properties leased to 178 tenants subject to “triple net” leases, where the tenants are generally responsible for the payment of operating expenses and capital expenditures. Our condensed consolidated statements of comprehensive income (loss) include hotel operating revenues and hotel operating expenses of our managed hotels and rental income and net lease operating expenses from our net lease properties.
Hotel Portfolio. As of June 30, 2024, we owned 220 hotels. During the three and six months ended June 30, 2024, the U.S. hotel industry generally realized increases in revenue per available room, or RevPAR, compared to the same periods in 2023. Our hotels produced year over year declines in RevPAR, which we believe is partially a result of disruption and displacement at certain of our hotels undergoing renovation and decreased business activity in areas where some of our hotels are located. The following table provides a summary for all of our hotels with these revenue metrics for the periods presented, which we believe are key indicators of performance at our hotels.
Three Months Ended June 30,
Six Months Ended June 30,
20242023Change20242023Change
All Hotels
No. of hotels220 221 (1)220 221 (1)
No. of rooms or suites37,697 37,777 (80)37,697 37,777 (80)
Occupancy68.2 %67.6 %0.6  pts62.2 %62.7 %(0.5) pts
ADR$142.99 $144.32 (0.9)%$141.56 $142.74 (0.8)%
RevPAR $97.50 $97.56 (0.1)%$88.10 $89.50 (1.6)%
Comparable Hotels Data. We present RevPAR, average daily rate, or ADR, and occupancy for the periods presented on a comparable basis to facilitate comparisons between periods. We define comparable hotels as those that were owned by us and were open and operating for the entirety of the periods being compared. For the three and six months ended June 30, 2024 and 2023, our comparable results exclude two hotels. One of the hotels was not owned for the entirety of the periods and the other hotel suspended operations during part of the periods presented. The following table provides a summary of these revenue metrics for the periods presented.
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Three Months Ended June 30,Six Months Ended June 30,
20242023Change20242023Change
Comparable Hotels
No. of hotels218 218 — 218 218 — 
No. of rooms or suites37,349 37,349 — 37,349 37,349 — 
Occupancy68.3 %67.7 %0.6  pts62.2 %62.7 %(0.5) pts
ADR$141.96 $143.52 (1.1)%$140.00 $141.38 (1.0)%
RevPAR$96.91 $97.14 (0.2)%$87.13 $88.71 (1.8)%
Net Lease Portfolio. As of June 30, 2024, we owned 749 service-focused retail net lease properties with an aggregate of 13,384,219 square feet leased to 178 tenants subject to “triple net” leases (where the tenants are responsible for payments of operating expenses and capital expenditures) requiring annual minimum rents of $380,457. Our net lease properties were 97.3% occupied as of June 30, 2024 with a weighted (by annual minimum rent) average lease term of 8.4 years, operating under 139 brands in 21 distinct industries. TA is our largest tenant and as of June 30, 2024, leased 175 of our travel centers under five master leases that expire in 2033 and require annual minimum rents of $259,080. In addition, TA receives an annual credit of $25,000 as a result of prepaid rent. BP Corporation North America Inc. guarantees payment under the TA leases, subject to a cap.
Additional details of our hotel operating agreements and our net lease agreements are set forth in Note 6 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

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Results of Operations (amounts in thousands, except per share data)
Three Months Ended June 30, 2024 Compared to the Three Months Ended June 30, 2023
Three Months Ended June 30,
20242023Increase (Decrease)% Increase (Decrease)
Revenues:    
Hotel operating revenues$412,486 $404,327 $8,159 2.0 %
Rental income100,462 99,452 1,010 1.0 %
Total revenues512,948 503,779 9,169 1.8 %
Expenses:    
Hotel operating expenses328,247 309,100 19,147 6.2 %
Net lease operating expenses4,958 4,372 586 13.4 %
Depreciation and amortization - hotels55,389 53,449 1,940 3.6 %
Depreciation and amortization - net lease properties40,285 41,122 (837)(2.0)%
Total depreciation and amortization95,674 94,571 1,103 1.2 %
General and administrative10,681 12,420 (1,739)(14.0)%
Transaction related costs— 931 (931)n/m
Loss on asset impairment, net34,887 9,005 25,882 n/m
Total expenses474,447 430,399 44,048 10.2 %
Loss on sale of real estate, net(32)(62)30 (48.4)%
Loss on equity securities, net— (593)593 n/m
Interest income819 3,468 (2,649)(76.4)%
Interest expense(93,850)(82,503)(11,347)13.8 %
Loss on early extinguishment of debt, net(16,048)(238)(15,810)n/m
Loss before income tax expense and equity in (losses) earnings of an investee(70,610)(6,548)(64,062)n/m
Income tax expense(524)(5,247)4,723 (90.0)%
Equity in (losses) earnings of an investee(2,716)517 (3,233)n/m
Net loss$(73,850)$(11,278)$(62,572)n/m
Weighted average common shares outstanding (basic and diluted)165,198 164,902 296 0.2 %
Net loss per common share (basic and diluted)$(0.45)$(0.07)$(0.38)n/m
References to changes in the income and expense categories below relate to the comparison of consolidated results for the three months ended June 30, 2024 compared to the three months ended June 30, 2023.
Hotel operating revenues. The increase in hotel operating revenues is primarily a result of a hotel acquisition ($5,899) in the 2023 period and increased occupancy at certain hotels during the 2024 period ($2,801), partially offset by the sale of certain of our hotels since April 1, 2023 ($541). Additional operating statistics of our hotels are included in the tables beginning on page 33.
Rental income. The increase in rental income is primarily a result of the amended TA leases that were effective starting in May 2023 ($2,574), partially offset by decreases in our other net lease portfolio as a result of lower rental income recognized and the sale of certain net lease properties since April 1, 2023 ($1,564).
Hotel operating expenses. The increase in hotel operating expenses is primarily a result of a hotel acquisition ($4,361) in the 2023 period, increases in wages and benefits ($6,903), property insurance ($4,097) and other operating expenses ($4,437) in the 2024 period, partially offset by our sale of certain hotels since April 1, 2023 ($651).
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Net lease operating expenses. The increase in net lease operating expenses is primarily the result of increased property management fees in the 2024 period ($565) and increases in other operating expenses at certain net lease properties ($727), partially offset by our sale of certain net lease properties since April 1, 2023 ($706).
Depreciation and amortization - hotels. The increase in depreciation and amortization - hotels is primarily a result of depreciation and amortization related to capital expenditures made since April 1, 2023 and our acquisition of a hotel in June 2023 ($4,300), partially offset by certain of our depreciable assets becoming fully depreciated since April 1, 2023 ($2,360).
Depreciation and amortization - net lease properties. The decrease in depreciation and amortization - net lease properties is primarily a result of our sale of certain net lease properties since April 1, 2023 ($837).
General and administrative. The decrease in general and administrative costs is primarily due to decreases in other professional fees ($891) and business management fees ($848) in the 2024 period.
Transaction related costs. Transaction related costs for the 2023 period primarily consisted of costs related to hotel rebranding activity and the demolition of certain vacant properties.
Loss on asset impairment, net. We recorded a $34,887 net loss on asset impairment during the 2024 period to reduce the carrying value of eight hotels and three net lease properties to their estimated fair value less costs to sell. We recorded a $9,005 net loss on asset impairment during the 2023 period to reduce the carrying value of 16 net lease properties to their estimated fair value less costs to sell.
Loss on sale of real estate, net. We recorded a $32 net loss on sale of real estate during the 2024 period in connection with the sale of one hotel. We recorded a $62 net loss on sale of real estate during the 2023 period in connection with the sale of two net lease properties.
Loss on equity securities, net. Loss on equity securities, net represents the adjustment to the carrying value of our former investment in shares of TA common stock to its fair value.
Interest income. The decrease in interest income is due to lower average cash balances invested during the 2024 period compared to the 2023 period.
Interest expense. The increase in interest expense is primarily due to higher weighted average interest rates during the 2024 period compared to the 2023 period.
Loss on early extinguishment of debt, net. We recorded a $16,048 loss on early extinguishment of debt, net in the 2024 period as a result of the redemption and purchase of certain senior notes in the 2024 period. We recorded a $238 loss on early extinguishment of debt, net due to the write off of certain deferred financing costs relating to the amendment of our revolving credit facility in the 2023 period.
Income tax expense. The decrease in income tax expense is primarily due to decreases in state tax expense ($2,796) and foreign tax expense ($1,927) during the 2024 period compared to the 2023 period.
Equity in (losses) earnings of an investee. Equity in (losses) earnings of an investee represents our proportionate share of the losses and earnings of Sonesta.
Net loss. Our net loss and net loss per common share (basic and diluted) each increased in the 2024 period compared to the 2023 period primarily due to the revenue and expense changes discussed above.
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Six Months Ended June 30, 2024 Compared to the Six Months Ended June 30, 2023
Six Months Ended June 30,
20242023Increase (Decrease)% Increase (Decrease)
Revenues:    
Hotel operating revenues$748,722 $739,123 $9,599 1.3 %
Rental income200,476 193,865 6,611 3.4 %
Total revenues949,198 932,988 16,210 1.7 %
Expenses:    
Hotel operating expenses633,333 608,666 24,667 4.1 %
Net lease operating expenses9,681 8,277 1,404 17.0 %
Depreciation and amortization - hotels110,475 106,834 3,641 3.4 %
Depreciation and amortization - net lease properties78,306 87,776 (9,470)(10.8)%
Total depreciation and amortization188,781 194,610 (5,829)(3.0)%
General and administrative21,187 23,331 (2,144)(9.2)%
Transaction related costs— 1,818 (1,818)n/m
Loss on asset impairment, net37,338 9,005 28,333 n/m
Total expenses890,320 845,707 44,613 5.3 %
(Loss) gain on sale of real estate, net(2,995)41,836 (44,831)(107.2)%
Gain on equity securities, net— 48,837 (48,837)n/m
Interest income2,781 6,254 (3,473)(55.5)%
Interest expense(185,264)(164,083)(21,181)12.9 %
Loss on early extinguishment of debt, net(16,048)(282)(15,766)n/m
(Loss) income before income tax expense and equity in losses of an investee(142,648)19,843 (162,491)n/m
Income tax expense(1,531)(1,467)(64)4.4 %
Equity in losses of an investee(8,054)(3,704)(4,350)117.4 %
Net (loss) income$(152,233)$14,672 $(166,905)n/m
Weighted average common shares outstanding (basic and diluted)165,178 164,884 294 0.2 %
Net (loss) income per common share (basic and diluted)$(0.92)$0.09 $(1.01)n/m
References to changes in the income and expense categories below relate to the comparison of consolidated results for the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
Hotel operating revenues. The increase in hotel operating revenues is primarily a result of a hotel acquisition in the 2023 period ($15,785) and increases in food and beverage and other ancillary revenue in the 2024 period ($2,184), partially offset by our sale of certain hotels since January 1, 2023 ($8,370). Additional operating statistics of our hotels are included in the tables beginning on page 33.
Rental income. The increase in rental income is primarily a result of the amended TA leases that were effective starting in May 2023 ($8,267), partially offset by decreases in our other net lease portfolio as a result of lower rental income recognized and the sale of certain net lease properties since January 1, 2023 ($1,656).
Hotel operating expenses. The increase in hotel operating expenses is primarily a result of a hotel acquisition ($10,936) in the 2023 period and increases in wages and benefits ($12,373), property insurance ($8,460) and other operating expenses ($4,360) in the 2024 period, partially offset by our sale of certain hotels since January 1, 2023 ($11,462).
Net lease operating expenses. The increase in net lease operating expenses is primarily the result of increased property management fees in the 2024 period ($1,114) and increases in other operating expenses at certain net lease properties ($1,301), partially offset by our sale of certain net lease properties since January 1, 2023 ($1,011).
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Depreciation and amortization - hotels. The increase in depreciation and amortization - hotels is primarily a result of depreciation and amortization related to capital expenditures made since January 1, 2023 and our acquisition of a hotel in June 2023 ($8,353), partially offset by certain of our depreciable assets becoming fully depreciated since January 1, 2023 ($4,712).
Depreciation and amortization - net lease properties. The decrease in depreciation and amortization -net lease properties is primarily a result of our sale of certain net lease properties since January 1, 2023 ($6,718) and certain of our depreciable assets becoming fully depreciated since January 1, 2023 ($2,752).
General and administrative. The decrease in general and administrative costs in the 2024 period is primarily due to decreases in business management fees ($1,476) and other professional fees ($668).
Transaction related costs. Transaction related costs for the 2023 period primarily consisted of costs related to hotel rebranding activity, the demolition of certain vacant properties and potential acquisitions.
Loss on asset impairment, net. We recorded a $37,338 net loss on asset impairment during the 2024 period to reduce the carrying value of eight hotels and six net lease properties to their estimated fair value less costs to sell. We recorded a $9,005 net loss on asset impairment during the 2023 period to reduce the carrying value of 16 net lease properties to their estimated fair value less costs to sell.
(Loss) gain on sale of real estate, net. We recorded a $2,995 net loss on sale of real estate during the 2024 period in connection with the sale of one hotel and three net lease properties. We recorded a $41,836 net gain on sale of real estate during the 2023 period in connection with the sale of 18 hotels and two net lease properties.
Gain on equity securities, net. Gain on equity securities, net represents the adjustment to the carrying value of our former investment in shares of TA common stock to its fair value.
Interest income. The decrease in interest income is due to lower average cash balances invested during the 2024 period compared to the 2023 period.
Interest expense. The increase in interest expense is primarily due to higher weighted average interest rates during the 2024 period compared to the 2023 period.
Loss on early extinguishment of debt, net. We recorded a $16,048 loss on early extinguishment of debt, net in the 2024 period as a result of the redemption and purchase of certain senior notes in the 2024 period. We recorded a $282 loss on early extinguishment of debt, net in connection with our redemption of certain senior unsecured notes and the write off of certain deferred financing costs relating to the amendment of our revolving credit facility in the 2023 period.
Income tax expense. The increase in income tax expense is primarily due to an increase in our state income tax expense ($122) during the 2024 period, partially offset by a decrease in our foreign sourced income tax expense ($58) during the 2024 period.
Equity in losses of an investee. Equity in losses of an investee represents our proportionate share of the losses of Sonesta.
Net (loss) income. Our net (loss) income and net (loss) income per common share (basic and diluted) each decreased in the 2024 period compared to the 2023 period primarily due to the revenue and expense changes discussed above.
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Liquidity and Capital Resources (dollars in thousands, except per share amounts)
Our Managers and Tenants
As of June 30, 2024, all 220 of our hotels were managed by four hotel operating companies. Our 749 service-focused retail net lease properties were leased to 178 tenants as of June 30, 2024. The costs of operating and maintaining our properties are generally paid by the hotel managers as agents for us or by our tenants for their own account. Our hotel managers and tenants derive their funding for property operating expenses and for returns and rents due to us generally from property operating revenues and, to the extent these parties themselves fund our owner’s priority returns and rents, from their separate resources. As of June 30, 2024, our hotel managers included Sonesta (195 hotels), Hyatt (17 hotels), Radisson (seven hotels) and IHG (one hotel). TA is our largest tenant (175 travel centers).
We recorded reserves for uncollectable amounts and reduced rental income by $377 and $1,042 for the three and six months ended June 30, 2024, respectively, based on our assessment of the collectability of rents. We recorded reserves for uncollectible amounts and reduced rental income by $1,813 and $5,353 for the three and six months ended June 30, 2023, respectively, based on our assessment of the collectability of rents. We had reserves for uncollectable rents of $4,366 and $3,436 as of June 30, 2024 and December 31, 2023, respectively, included in other assets, net in our condensed consolidated balance sheets.
We define net lease coverage as earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, divided by the annual minimum rent due to us weighted by the minimum rent of the property to total minimum rents of the net lease portfolio. Tenants with no minimum rent required under the lease are excluded. EBITDAR amounts used to determine rent coverage are generally for the latest twelve-month period, based on the most recent operating information, if any, furnished by our tenants. Operating statements furnished by our tenants often are unaudited and, in certain cases, may not have been prepared in accordance with GAAP and are not independently verified by us. In instances where we do not have tenant financial information, we calculate an implied coverage ratio for the period based on other tenants with available financial statements operating the same brand or within the same industry. As a result, we believe using this implied coverage metric provides a more reasonable estimated representation of recent operating results and the financial condition for those tenants. Our net lease properties generated coverage of 2.25x and 2.94x as of June 30, 2024 and 2023, respectively.
Our Operating Liquidity and Capital Resources
Our principal sources of funds to meet operating and capital expenses, debt service obligations and distributions to our shareholders are owner’s priority returns from our hotels, rents from our net lease portfolio and borrowings under our revolving credit facility. We receive owner’s priority returns and rents from our managers and tenants monthly. We may receive additional returns, percentage rents and our share of the operating profits of our managed hotels after payment of management fees and other deductions, if any, either monthly or quarterly, and these amounts are usually subject to annual reconciliations. We believe these sources of funds will be sufficient to meet our operating expenses and capital expenditures, pay debt service obligations and make distributions to our shareholders for the next twelve months and for the foreseeable future thereafter. However, as a result of economic conditions, including if the U.S. enters an economic recession, or otherwise, our managers and tenants may become unable or unwilling to pay owner’s priority returns and rents to us when due, and, as a result, our cash flows and net income would decline and we may need to reduce the amount of, or even eliminate, our distributions to common shareholders.
The following is a summary of our sources and uses of cash flows for the periods presented:
Six Months Ended June 30,
20242023
Cash and cash equivalents and restricted cash at the beginning of the period$197,830 $45,420 
Net cash provided by (used in):
Operating activities42,893 328,503 
Investing activities(142,799)103,960 
Financing activities(68,468)(27,258)
Cash and cash equivalents and restricted cash at the end of the period$29,456 $450,625 
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The decrease in cash flow provided by operating activities in the 2024 period is primarily due to $188,000 of prepaid rent received from TA in the 2023 period, higher interest expense and lower hotel returns in the 2024 period. The change from cash flow provided by investing activities in the 2023 period to cash flow used in investing activities in the 2024 period is primarily due to proceeds from the sale of TA common shares and higher proceeds from the sale of real estate in the 2023 period and increased real estate improvements during the 2024 period. The increase in cash flow used in financing activities in the 2024 period is primarily due to higher net borrowings in the 2023 period.
We maintain our qualification for taxation as a REIT under the IRC by meeting certain requirements. We lease 220 hotels to our wholly owned TRSs that are managed by hotel operating companies. As a REIT, we do not expect to pay federal income taxes on the majority of our income; however, the income realized by our TRSs in excess of the rent they pay to us is subject to U.S. federal income tax at corporate income tax rates. In addition, the income we receive from our hotels in Canada and Puerto Rico is subject to taxes in those jurisdictions and we are subject to taxes in certain states where we have properties despite our qualification for taxation as a REIT.
Our Investment and Financing Liquidity and Capital Resources
Our hotel operating agreements generally provide that, if necessary, we may provide our managers with funding for capital improvements to our hotels in excess of amounts otherwise available in escrowed FF&E reserves or when no FF&E reserves are available. During the six months ended June 30, 2024, we funded $130,519 for capital improvements in excess of FF&E reserves available to our hotels. We currently expect to fund $195,000 for capital improvements to certain hotels during the last six months of 2024 using cash on hand and borrowings under our revolving credit facility.
Various percentages of total sales at some of our hotels are escrowed as FF&E reserves to fund future capital improvements. We own all the FF&E escrows for our hotels. During the six months ended June 30, 2024, certain of our hotel managers deposited $2,597 to these accounts and spent $2,869 from the FF&E reserve escrow accounts to renovate and refurbish our hotels. As of June 30, 2024, there was $5,411 on deposit in these escrow accounts, which was held directly by us and is reflected in our condensed consolidated balance sheets as restricted cash.
Our net lease portfolio leases do not require FF&E escrow deposits and tenants under these leases are generally required to maintain the leased properties, including structural and non-structural components. We may provide tenant improvement allowances to tenants in certain cases or may develop sites with the intent to lease them. During the six months ended June 30, 2024, we funded $1,696 for capital improvements to our net lease properties. As of June 30, 2024, we had $2,192 of unspent leasing-related obligations related to certain of our net lease tenants.
During the six months ended June 30, 2024, we sold one hotel with 84 rooms for a sale price of $3,315, excluding closing costs, and three net lease properties with an aggregate of 34,849 square feet for an aggregate sales price of $2,932, excluding closing costs. From July 1, 2024 through August 2, 2024, we sold two hotels with an aggregate of 346 keys for an aggregate sales price of $10,800, excluding closing costs, and three vacant net lease properties with an aggregate of 9,388 square feet for an aggregate sales price of $1,800, excluding closing costs. As of August 2, 2024, we have entered into agreements to sell 16 hotels with an aggregate of 1,930 keys for an aggregate sales price of $113,200, excluding closing costs, and one net lease property with 3,381 square feet for a sales price of $1,250, excluding closing costs. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales, that these sales will not be delayed or that the terms will not change. We continue to market three hotels with an aggregate of 407 keys and nine net lease properties with an aggregate of 129,560 square feet for sale. We believe it is probable that the sales of these properties will be completed within one year.
In March 2024, we made a $3,392 pro rata capital contribution to Sonesta to support its growth initiatives, including its franchising efforts, using cash on hand. We continue to maintain our 34% ownership in Sonesta after giving effect to this contribution.
During the six months ended June 30, 2024, we declared and paid regular quarterly distributions to our common shareholders using cash on hand as follows:
Declaration DateRecord DatePaid DateDividend Per Common ShareTotal Distributions
January 11, 2024January 22, 2024February 15, 2024$0.20 $33,154 
April 11, 2024April 22, 2024May 16, 20240.20 33,152 
$0.40 $66,306 
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On July 11, 2024, we declared a regular quarterly distribution to common shareholders of record as of July 22, 2024 of $0.20 per common share, or approximately $33,178. We expect to pay this distribution on or about August 15, 2024 using cash on hand.
In order to meet cash needs that may result from our desire or need to make distributions or pay operating or capital expenses, we maintain a $650,000 secured revolving credit facility which is governed by a credit agreement. This revolving credit facility is available for general business purposes, including acquisitions. We can borrow, repay, and reborrow funds available under the revolving credit facility until maturity and no principal repayments are due until maturity. Availability of borrowings under our credit agreement is subject to ongoing minimum performance and market values of the collateral properties, satisfying certain financial covenants and other credit facility conditions. The maturity date of our revolving credit facility is June 29, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date by two additional six-month periods.
Interest payable on drawings under our revolving credit facility is based on SOFR plus a margin ranging from 1.50% to 3.00% based on our leverage ratio, as defined in our credit agreement, which was 2.50% as of June 30, 2024. As collateral for all loans and other obligations under the facility, certain of our subsidiaries pledged all of their respective equity interests in certain of our direct and indirect property owning subsidiaries, and our pledged subsidiaries provided first mortgage liens on 72 properties, including 69 hotels and three net lease properties, with an aggregate undepreciated carrying value of $1,738,959 as of June 30, 2024. We also pay unused commitment fees of 20 to 30 basis points per annum on the total amount of lending commitments under our revolving credit facility based on amounts outstanding. As of June 30, 2024 and 2023, the annual interest rate payable on borrowings under our revolving credit facility was 7.83% and 7.64%, respectively. We had no borrowings outstanding under our revolving credit facility as of June 30, 2024.
In June 2024, we issued $700,000 aggregate principal amount of the 2029 Notes and $500,000 aggregate principal amount of the 2032 Notes in underwritten public offerings. The aggregate net proceeds from these notes were $1,162,284, after underwriting discounts and other estimated offering expenses. These notes are fully and unconditionally guaranteed, on a joint and several basis and on a senior unsecured basis, by all of our subsidiaries, except for our foreign subsidiaries and certain other excluded subsidiaries. Such other excluded subsidiaries include, but are not limited to, subsidiaries whose equity has been pledged to secure borrowings under our credit agreement and our 8.625% senior secured notes due 2031 and subsidiaries whose assets secure our net lease mortgage notes. We used the net proceeds from these notes and cash on hand to redeem all of our outstanding 7.50% senior unsecured notes due 2025 and purchase and satisfy and discharge all of our outstanding 4.50% senior unsecured notes due 2025.
Our debt maturities (other than our revolving credit facility) as of June 30, 2024 were as follows:
YearMaturity
2024$979 
20251,958 
2026801,958 
2027851,958 
20281,000,737 
20291,125,000 
2030400,000 
20311,000,000 
2032500,000 
$5,682,590 
None of our senior note debt obligations require principal or sinking fund payments prior to their maturity dates. Our mortgage notes require monthly principal payments as described in Part I, Item 3 of this Quarterly Report on Form 10-Q.
We currently expect to use cash on hand, the cash flows from our operations, borrowings under our revolving credit facility, net proceeds from any asset sales and net proceeds of offerings of equity or the incurrence of debt to fund our operations, capital expenditures, investments, future debt maturities, distributions to our shareholders and other general business purposes.
When significant amounts are outstanding for an extended period of time under our revolving credit facility, or the maturities of our indebtedness approach, we currently expect to explore refinancing alternatives. Such alternatives may include
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incurring additional debt, issuing new equity securities and the sale of properties. We have an effective shelf registration statement that allows us to issue public securities on an expedited basis, but it does not assure that there will be buyers for such securities. We may also seek to participate in joint ventures or other arrangements that may provide us additional sources of financing. We may also assume mortgage debt on properties we may acquire or obtain mortgage financing on our existing properties.
While we believe we will generally have access to various types of financings, including debt or equity, to fund our future acquisitions and to pay our debts and other obligations, we cannot be sure that we will be able to complete any debt or equity offerings or other types of financings or that our cost of any future public or private financings will not increase.
Our ability to complete, and the costs associated with, future debt transactions depend primarily upon credit market conditions and our then perceived creditworthiness. We have no control over market conditions. Our credit ratings depend upon evaluations by credit rating agencies of our business practices and plans, including our ability to maintain our earnings, to stagger our debt maturities and to balance our use of debt and equity capital so that our financial performance and leverage ratios afford us flexibility to withstand any reasonably anticipated adverse changes. Similarly, our ability to raise equity capital in the future will depend primarily upon equity capital market conditions and our ability to conduct our business to maintain and grow our operating cash flows. We intend to conduct our business activities in a manner which will afford us reasonable access to capital for investment and financing activities. However, as discussed elsewhere in this Quarterly Report on Form 10-Q, the impacts of the current, and possibly future, inflationary conditions, increasing or sustained high interest rates and a possible economic recession are uncertain and may have various negative consequences on us and our operations, including a decline in financing availability and increased costs for financing. Further, such conditions could also disrupt the capital markets generally and limit our access to financing from public sources or on favorable terms, particularly if the global financial markets experience significant disruptions.
Debt Covenants
Our debt obligations at June 30, 2024 consisted of $5,075,000 aggregate principal amounts of senior notes and $607,590 aggregate principal amounts of mortgage notes secured by 308 net lease retail properties. For further information regarding our indebtedness, see Note 8 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Our publicly and privately issued senior notes are governed by our indentures and related supplements. These indentures and related supplements and our credit agreement contain covenants that generally restrict our ability to incur debts, including debts secured by mortgages on our properties, in excess of calculated amounts, and require us to maintain various financial ratios. Our credit agreement, net lease mortgage notes, secured senior notes and unsecured senior notes, indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes RMR ceasing to act as our business manager. As of June 30, 2024, we believe we were in compliance with all of the covenants under our indentures and their supplements, net lease mortgage notes and our credit agreement.
Senior Notes Indenture Covenants
The following table summarizes the results of the financial tests required by the indentures and related supplements for our senior secured and unsecured notes as of June 30, 2024:
Actual ResultsCovenant Requirement
Total debt / adjusted total assets53.5%Maximum of 60%
Secured debt / adjusted total assets15.1%Maximum of 40%
Consolidated income available for debt service / debt service 1.60xMinimum of 1.50x
Total unencumbered assets / unsecured debt173.6%Minimum 150%
Total unencumbered assets in guarantor subsidiaries / senior guaranteed unsecured debt
4.10x
Minimum of 2.20x
As of June 30, 2024, adjusted total assets for covenant purposes as defined in our senior notes indentures were $10,618,426 and assets encumbered under our revolving credit facility, serving as collateral for our net lease mortgage notes or secured senior notes represented $3,543,066 of adjusted total assets, as defined in our senior notes indentures. Our unencumbered hotels, travel centers, other net lease properties and other corporate assets represent $4,470,481, $1,605,020, $858,664 and $141,195 of adjusted total assets, respectively.
The following table presents the calculation of adjusted total assets to total assets in accordance with GAAP:
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Total assets$7,121,661 
Plus: accumulated depreciation3,164,885 
Plus: impairment and other adjustments to reflect original cost of real estate assets563,515 
Less: accounts receivable and intangibles(231,635)
Adjusted total assets$10,618,426 
Our ability to incur additional debt is subject to meeting the required covenant levels and subject to the provisions of our credit agreement and senior notes indentures.
Acceleration and Cross-Default
Our indentures and their supplements contain cross default provisions to any other debt of $50,000 or more. Similarly, our credit agreement has cross default provisions to other indebtedness that is recourse of $25,000 or more and indebtedness that is non-recourse of $75,000 or more. Neither our indentures and their supplements nor our credit agreement contain provisions for acceleration which could be triggered by a change in our debt ratings.
Supplemental Guarantor Information
Our 5.50% senior notes due 2027, or the 2027 Notes, the 2029 Notes and the 2032 Notes are fully and unconditionally guaranteed, on a joint and several basis and on a senior unsecured basis, by all of our subsidiaries, except for certain excluded subsidiaries, including our foreign subsidiaries and our subsidiaries pledged under our credit agreement and our net lease mortgage notes. The notes and the guarantees will be effectively subordinated to all of our and the subsidiary guarantors’ secured indebtedness, respectively, to the extent of the value of the collateral securing such secured indebtedness, and will be structurally subordinated to all indebtedness and other liabilities and any preferred equity of any of our subsidiaries that do not guarantee the notes. Our remaining $2,425,000 of senior unsecured notes do not have the benefit of any guarantees.
A subsidiary guarantor’s guarantee of the 2027 Notes, the 2029 Notes and the 2032 Notes and all other obligations of such subsidiary guarantor under the indentures governing the notes will automatically terminate and such subsidiary guarantor will automatically be released from all of its obligations under such subsidiary guarantee and such indenture under certain circumstances, including on or after the date on which (a) the notes have received a rating equal to or higher than Baa2 (or the equivalent) by Moody’s Investor Services, or Moody’s, or BBB (or the equivalent) by Standard & Poor’s Ratings Services, or S&P, or if Moody’s or S&P ceases to rate the notes for reasons outside of our control, the equivalent investment grade rating from any other rating agency and (b) no default or event of default has occurred and is continuing under the indenture. Our non-guarantor subsidiaries are separate and distinct legal entities and will have no obligation, contingent or otherwise, to pay any amounts due on these notes or the guarantees, or to make any funds available therefor, whether by dividend, distribution, loan or other payments. The rights of holders of these notes to benefit from any of the assets of our non-guarantor subsidiaries are subject to the prior satisfaction of claims of those subsidiaries’ creditors and any preferred equity holders. As a result, these notes and the related guarantees will be effectively subordinated to all of our and the subsidiary guarantors’ secured indebtedness, respectively, to the extent of the value of the collateral securing such secured indebtedness, and will be structurally subordinated to all indebtedness and other liabilities of our subsidiaries that do not guarantee these notes, including guarantees of or pledges under other indebtedness of ours, payment obligations under lease agreements, trade payables and preferred equity.
The following table presents summarized financial information for us and the subsidiary guarantors, on a combined basis, after elimination of (i) intercompany transactions and balances among us and the subsidiary guarantors, and (ii) equity in earnings from, and any investments in, any of our non-guarantor subsidiaries:
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As of June 30, 2024As of December 31, 2023
Real estate properties, net (1)
$4,240,032 $4,372,682 
Other assets, net397,921 552,196 
Indebtedness, net$4,984,074 $4,961,344 
Intercompany balances (2)
735,692 752,146 
Other liabilities368,590 395,433 
Six Months Ended June 30, 2024
Revenues
$820,540 
Expenses
922,216 
Net loss
(101,676)
(1)Real estate properties, net as of June 30, 2024 includes $163,130 of properties owned directly by us and not included in the assets of the subsidiary guarantors.
(2)Intercompany balances represent payables to non-guarantor subsidiaries.
Related Person Transactions
We have relationships and historical and continuing transactions with RMR, RMR Inc., TA and Sonesta and others related to them. For further information about these and other such relationships and related person transactions, see Notes 6, 10 and 11 to our condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, our 2023 Annual Report, our definitive Proxy Statement for our 2024 Annual Meeting of Shareholders and our other filings with the Securities and Exchange Commission, or SEC. In addition, see the section captioned “Risk Factors” in our 2023 Annual Report for a description of risks that may arise as a result of these and other related person transactions and relationships. We may engage in additional transactions with related persons, including businesses to which RMR or its subsidiaries provide management services.
Critical Accounting Estimates
The preparation of our condensed consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include consolidation of VIEs, purchase price allocations, the determination of useful lives of fixed assets, classification of leases, and the assessment of the carrying values and impairment of real estate intangible assets and equity investments.
A discussion of our critical accounting estimates is included in our 2023 Annual Report. There have been no significant changes in our critical accounting estimates since the year ended December 31, 2023.
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Property and Operating Statistics (dollars in thousands, except hotel statistics)
As of June 30, 2024, we owned and managed a diverse portfolio of hotels and net lease properties across the United States and in Puerto Rico and Canada with 148 distinct brands across 22 industries.
Hotel Portfolio
The following tables summarize the operating statistics, including occupancy, ADR, and RevPAR reported to us by our hotel managers by hotel brand for the periods indicated. All operating data presented are based upon the operating results provided by our hotel managers for the indicated periods. We have not independently verified our managers’ operating data.
Comparable Hotels*No. of Rooms or SuitesOccupancy ADRRevPAR
Service LevelNo. of HotelsThree Months Ended
June 30,		Three Months Ended
June 30,		Three Months Ended
June 30,
Brand20242023Change20242023Change20242023Change
Sonesta Hotels & Resorts®Full Service22 7,153 64.1 %68.3 %(4.2) pts$158.19 $156.21 1.3 %$101.45 $106.65 (4.9)%
Royal Sonesta Hotels®Full Service17 5,663 67.5 %63.5 %4.0  pts239.45 246.41 (2.8)%161.70 156.58 3.3 %
Radisson® Hotels & ResortsFull Service5 1,149 71.3 %64.5 %6.8  pts146.39 145.76 0.4 %104.33 94.05 10.9 %
Crowne Plaza®Full Service1 495 69.4 %69.3 %0.1  pts144.36 140.51 2.7 %100.25 97.44 2.9 %
Country Inn & Suites® by RadissonFull Service2 346 74.6 %74.8 %(0.2) pts152.57 145.49 4.9 %113.89 108.82 4.7 %
Full Service Total/Average47 14,806 66.4 %66.3 %0.1  pts188.17 187.96 0.1 %124.96 124.70 0.2 %
Sonesta Select®Select Service44 6,427 60.8 %58.2 %2.6  pts116.90 118.30 (1.2)%71.09 68.81 3.3 %
Hyatt Place®Select Service17 2,107 70.9 %74.2 %(3.3) pts124.16 126.38 (1.8)%88.00 93.81 (6.2)%
Select Service Total/Average61 8,534 63.3 %62.1 %1.2  pts118.91 120.68 (1.5)%75.27 74.98 0.4 %
Sonesta ES Suites®Extended Stay60 7,643 72.6 %71.5 %1.1  pts125.90 131.59 (4.3)%91.37 94.05 (2.8)%
Sonesta Simply Suites®Extended Stay50 6,366 74.1 %73.8 %0.3  pts90.93 90.55 0.4 %67.34 66.79 0.8 %
Extended Stay Total/Average110 14,009 73.2 %72.5 %0.7  pts109.83 112.75 (2.6)%80.45 81.75 (1.6)%
Comparable Hotels Total/Average218 37,349 68.3 %67.7 %0.6  pts$141.96 $143.52 (1.1)%$96.91 $97.14 (0.2)%
Comparable Hotels*No. of Rooms or SuitesOccupancyADRRevPAR
Service LevelNo. of HotelsSix Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
Brand20242023Change20242023Change20242023Change
Sonesta Hotels & Resorts®Full Service22 7,153 59.3 %62.6 %(3.3) pts$155.66 $154.48 0.8 %$92.31 $96.74 (4.6)%
Royal Sonesta Hotels®Full Service17 5,663 59.1 %55.5 %3.6  pts238.28 243.26 (2.0)%140.90 134.89 4.5 %
Radisson® Hotels & ResortsFull Service5 1,149 65.9 %64.8 %1.1  pts148.54 149.79 (0.8)%97.87 97.03 0.9 %
Crowne Plaza®Full Service1 495 67.0 %63.9 %3.1  pts146.59 140.18 4.6 %98.21 89.61 9.6 %
Country Inn & Suites® by RadissonFull Service2 346 67.5 %66.9 %0.6  pts144.66 138.38 4.5 %97.59 92.59 5.4 %
Full Service Total/Average47 14,806 60.2 %60.2 %—  pts185.46 184.77 0.4 %111.64 111.17 0.4 %
Sonesta Select®Select Service44 6,427 55.2 %54.7 %0.5  pts115.85 118.57 (2.3)%63.90 64.82 (1.4)%
Hyatt Place®Select Service17 2,107 59.2 %69.1 %(9.9) pts122.44 125.49 (2.4)%72.46 86.72 (16.4)%
Select Service Total/Average61 8,534 56.2 %58.2 %(2.0) pts117.57 120.60 (2.5)%66.02 70.23 (6.0)%
Sonesta ES Suites®Extended Stay60 7,643 68.4 %67.5 %0.9  pts124.60 129.96 (4.1)%85.26 87.73 (2.8)%
Sonesta Simply Suites®Extended Stay50 6,366 67.7 %69.1 %(1.4) pts89.65 90.69 (1.1)%60.68 62.66 (3.2)%
Extended Stay Total/Average110 14,009 68.1 %68.2 %(0.1) pts108.81 112.01 (2.9)%74.09 76.42 (3.0)%
Comparable Hotels Total/Average218 37,349 62.2 %62.7 %(0.5) pts$140.00 $141.38 (1.0)%$87.13 $88.71 (1.8)%
*We define comparable hotels as those that were owned by us and were open and operating for the entirety of the periods being compared. For the three and six months ended June 30, 2024 and 2023, our comparable results exclude two hotels; one of the hotels was not owned for the entirety of the periods presented and the other hotel suspended operations during part of the periods presented.
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All Hotels*
No. of Rooms or SuitesOccupancy ADRRevPAR
Service LevelNo. of HotelsThree Months Ended
June 30,		Three Months Ended
June 30,		Three Months Ended
June 30,
Brand20242023Change20242023Change20242023Change
Sonesta Hotels & Resorts®Full Service23 7,403 64.5 %68.1 %(3.6) pts$163.08$160.611.5 %$105.13 $109.32 (3.8)%
Royal Sonesta Hotels®Full Service17 5,663 67.5 %63.5 %4.0 pts239.45246.41(2.8)%161.70 156.58 3.3 %
Radisson® Hotels & ResortsFull Service5 1,149 71.3 %64.5 %6.8 pts146.39145.760.4 %104.33 94.05 10.9 %
Crowne Plaza®Full Service1 495 69.4 %69.3 %0.1 pts144.36140.512.7 %100.25 97.44 2.9 %
Country Inn & Suites® by RadissonFull Service2 346 74.6 %74.8 %(0.2) pts152.57145.494.9 %113.89 108.82 4.7 %
Full Service Total/Average48 15,056 66.5 %66.3 %0.2 pts189.94189.660.1 %126.38 125.69 0.5 %
Sonesta Select®Select Service44 6,427 60.8 %58.2 %2.6 pts116.90118.30(1.2)%71.09 68.81 3.3 %
Hyatt Place®Select Service17 2,107 70.9 %74.2 %(3.3) pts124.16126.38(1.8)%88.00 93.81 (6.2)%
Select Service Total/Average61 8,534 63.3 %62.1 %1.2 pts118.91120.68(1.5)%75.27 74.98 0.4 %
Sonesta ES Suites®Extended Stay60 7,643 72.6 %71.5 %1.1 pts125.90131.59(4.3)%91.37 94.05 (2.8)%
Sonesta Simply Suites®Extended Stay51 6,464 73.3 %73.0 %0.3 pts90.9390.550.4 %66.69 66.13 0.8 %
Extended Stay Total/Average111 14,107 72.9 %72.2 %0.7 pts109.83112.75(2.6)%80.10 81.39 (1.6)%
All Hotels Total/Average220 37,697 68.2 %67.5 %0.7 pts$142.99$144.46(1.0)%$97.50 $97.56 (0.1)%
All Hotels*No. of Rooms or SuitesOccupancyADRRevPAR
Service LevelNo. of HotelsSix Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
Brand20242023Change20242023Change20242023Change
Sonesta Hotels & Resorts®Full Service23 7,403 59.9 %62.7 %(2.8) pts$163.21$161.730.9 %$97.79 $101.36 (3.5)%
Royal Sonesta Hotels®Full Service17 5,663 59.1 %55.5 %3.6 pts238.28243.26(2.0)%140.90 134.89 4.5 %
Radisson® Hotels & ResortsFull Service5 1,149 65.9 %64.8 %1.1 pts148.54149.79(0.8)%97.87 97.03 0.9 %
Crowne Plaza®Full Service1 495 67.0 %63.9 %3.1 pts146.59140.184.6 %98.21 89.61 9.6 %
Country Inn & Suites® by RadissonFull Service2 346 67.5 %66.9 %0.6 pts144.66138.384.5 %97.59 92.59 5.4 %
Full Service Total/Average48 15,056 60.5 %60.2 %0.3 pts188.50187.900.3 %114.01 113.17 0.7 %
Sonesta Select®Select Service44 6,427 55.2 %54.7 %0.5 pts115.85118.57(2.3)%63.90 64.82 (1.4)%
Hyatt Place®Select Service17 2,107 59.2 %69.1 %(9.9) pts122.44125.49(2.4)%72.46 86.72 (16.4)%
Select Service Total/Average61 8,534 56.2 %58.2 %(2.0) pts117.57120.60(2.5)%66.02 70.23 (6.0)%
Sonesta ES Suites®Extended Stay60 7,643 68.4 %67.5 %0.9 pts124.60129.96(4.1)%85.26 87.73 (2.8)%
Sonesta Simply Suites®Extended Stay51 6,464 67.0 %68.4 %(1.4) pts89.6590.69(1.1)%60.10 62.05 (3.1)%
Extended Stay Total/Average111 14,107 67.8 %67.9 %(0.1) pts108.81112.01(2.9)%73.77 76.08 (3.0)%
All Hotels Total/Average220 37,697 62.2 %62.6 %(0.4) pts$141.56$142.87(0.9)%$88.10 $89.51 (1.6)%
*Includes results of all hotels owned as of June 30, 2024. Excludes the results of hotels sold during the periods presented and includes data for one hotel for periods prior to when we acquired it.
Net Lease Portfolio
As of June 30, 2024, our net lease properties were 97.3% occupied and we had 20 properties available for lease. During the six months ended June 30, 2024, we entered into lease renewals for 243,505 rentable square feet (26 properties) at weighted (by rentable square feet) average rents that were 12.2% below the prior rents for the same space. The weighted (by rentable square feet) average lease term for these leases was 4.9 years. We also entered into new leases for 108,803 rentable square feet (four properties) at weighted (by rentable square feet) average rents that were 13.7% below the prior rents for the same space. The weighted (by rentable square feet) average lease term for these leases was 18.5 years.
Generally, lease agreements with our net lease tenants require payment of minimum rent to us. Certain of these minimum rent payment amounts are secured by full or limited guarantees. Annualized minimum rent as used herein represents cash amounts and excludes adjustments, if any, necessary to record scheduled rent changes on a straight line basis or any expense reimbursement. Annualized minimum rent also excludes the impact of rents prepaid by TA.
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As of June 30, 2024, our net lease tenants operated across 139 brands. The following table identifies the top ten brands based on annualized minimum rent:
BrandNo. of Properties
Investment (1)
Percent of Total InvestmentAnnualized Minimum Rent
Percent of Total Annualized
Minimum Rent
Coverage (2)
1.TravelCenters of America Inc.131$2,254,950 44.6 %$176,793 46.5 %1.59 x
(3)
2.Petro Stopping Centers441,015,156 20.1 %82,287 21.6 %1.59 x
(3)
3.The Great Escape1498,242 1.9 %7,711 2.0 %6.20 x
4.Life Time Fitness392,617 1.8 %5,770 1.5 %2.80 x
5.Buehler's Fresh Foods576,469 1.5 %5,657 1.5 %2.88 x
6.Heartland Dental5961,120 1.2 %4,769 1.3 %4.56 x
7.Norms1053,673 1.1 %3,759 1.0 %3.68 x
8.Express Oil Change2349,724 1.0 %3,717 1.0 %4.32 x
9.AMC Theatres557,247 1.1 %3,547 0.9 %2.18 x
10.Pizza Hut4045,285 0.9 %3,444 0.9 %2.44 x
Other (4)
4151,256,984 24.8 %83,003 21.8 %3.56 x
Total749$5,061,467 100.0 %$380,457 100.0 %2.25 x
(1)Represents the historical cost of our properties plus capital improvements funded by us less impairment write-downs, if any.
(2)See page 27 for our definition of coverage.
(3)Rent coverage information provided by tenant is for all 175 sites on a consolidated basis and is as of June 30, 2024.
(4)Consists of 129 distinct brands with an average investment of $3,029 and average annual minimum rent of $200 per property.
As of June 30, 2024, our top ten net lease tenants based on our annualized minimum rent are listed below:
TenantBrand AffiliationNo. of Properties
Investment (1)
Percent of Total InvestmentAnnualized
Minimum Rent		Percent of Total Annualized
Minimum Rent
Coverage (2)
1.
TravelCenters of America Inc. (3)
TravelCenters of America / Petro Stopping Centers175$3,270,106 64.7 %$259,080 68.1 %1.59x
2.Universal Pool Co., Inc.The Great Escape1498,242 1.9 %7,711 2.0 %6.20x
3.Healthy Way of Life II, LLCLife Time Fitness392,617 1.8 %5,770 1.5 %2.80x
4.Styx Acquisition, LLCBuehler's Fresh Foods576,469 1.5 %5,657 1.5 %2.88x
5.Professional Resource Development, Inc.Heartland Dental5961,120 1.2 %4,769 1.3 %4.56x
6.Norms Restaurants, LLCNorms1053,673 1.1 %3,759 1.0 %3.68x
7.Express Oil Change, L.L.C.Express Oil Change2349,724 1.0 %3,717 1.0 %4.32x
8.American Multi-Cinema, Inc.AMC Theatres557,247 1.1 %3,547 0.9 %2.18x
9.Pilot Travel Centers LLCFlying J Travel Plaza341,681 0.8 %3,279 0.9 %4.94x
10.Automotive Remarketing Group, Inc.America's Auto Auction638,314 0.8 %3,216 0.8 %7.56x
Subtotal, top 103033,839,193 75.9 %300,505 79.0 %1.97x
11.
Other (4)
Various4461,222,274 24.1 %79,952 21.0 %3.29x
Total 749$5,061,467 100.0 %$380,457 100.0 %2.25x
(1)Represents the historical cost of our net lease properties plus capital improvements funded by us less impairment write-downs, if any.
(2)See page 27 for our definition of coverage.
(3)TA is our largest tenant. We lease 175 travel centers (131 under the TravelCenters of America brand and 44 under the Petro Stopping Centers brand) to a subsidiary of TA under five master leases that expire in 2033. TA has five renewal options for 10 years each for all of the travel centers under each lease. BP Corporation North America Inc. guarantees payments under each of the five master leases. The aggregate guaranty as of June 30, 2024 was approximately $3,037,475. Annualized minimum rent excludes the impact of rents prepaid by TA. Rent coverage was 1.54x, 1.58x, 1.69x, 1.76x and 1.42x for our TA leases no. 1, no. 2, no. 3, no. 4 and no. 5, respectively. Rent coverage is as of June 30, 2024.
(4)Consists of 168 tenants with an average investment of $2,741 and an average annual minimum rent of $179 per property.
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As of June 30, 2024, our net lease tenants operated across 21 distinct industries within the service-focused retail sector of the U.S. economy.
IndustryNo. of Properties
Investment (1)
Percent of Total InvestmentAnnualized
Minimum Rent		Percent of Total Annualized
Minimum Rent
Coverage (2)
1.Travel Centers178$3,311,787 65.4%$262,359 69.0 %
1.63 x
(3)
2.Restaurants - Quick Service209283,853 5.5%19,486 5.1 %3.26 x
3.Restaurants - Casual Dining55194,333 3.8%11,652 3.1 %2.88 x
4.Health and Fitness13186,365 3.7%11,184 2.9 %2.18 x
5.Home Goods and Leisure20134,291 2.7%10,626 2.8 %5.14 x
6.Grocery Stores19129,152 2.6%9,235 2.4 %3.55 x
7.Medical, Dental Office70104,042 2.1%8,449 2.2 %3.42 x
8.Movie Theaters15139,569 2.8%8,399 2.2 %2.24 x
9.Automotive Equipment and Services64107,054 2.1%7,755 2.0 %4.11 x
10.Automotive Dealers862,656 1.2%4,973 1.3 %6.26 x
11.Educational Services854,759 1.1%4,365 1.1 %1.55 x
12.Entertainment461,436 1.2%4,347 1.1 %2.89 x
13.General Merchandise Stores455,457 1.1%3,928 1.0 %3.22 x
14.Building Materials2933,883 0.7%2,857 0.8 %6.95 x
15.Car Washes630,798 0.6%2,411 0.6 %2.87 x
16.Miscellaneous Manufacturing524,156 0.5%1,713 0.5 %13.05 x
17.Drug Stores and Pharmacies617,111 0.3%1,122 0.3 %1.16 x
18.Sporting Goods318,234 0.4%1,099 0.3 %5.23 x
19.Legal Services511,362 0.2%1,075 0.3 %6.47 x
20.Dollar Stores32,971 0.1%190 0.1 %1.99 x
21.
Other (4)
527,245 0.5%3,232 0.9 %3.84 x
22.Vacant2070,953 1.4%— — %— x
Total 749$5,061,467 100.0%$380,457 100.0%2.25 x
(1)Represents the historical cost of our net lease properties plus capital improvements funded by us less impairment write-downs, if any.
(2)See page 27 for our definition of coverage.
(3)Rent coverage for TA is as of June 30, 2024.
(4)Consists of miscellaneous businesses with an average investment of $5,449 per property.
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As of June 30, 2024, lease expirations at our net lease properties by year are as follows:
Year (1)
Number of PropertiesSquare FeetAnnualized Minimum Rent ExpiringPercent of Total Annualized Minimum Rent ExpiringCumulative Percent of Total Annualized Minimum Rent Expiring
202427368,559 $4,449 1.2%1.2%
202525491,212 8,505 2.2%3.4%
20261031,020,706 11,262 3.0%6.4%
202737942,288 12,562 3.3%9.7%
202826675,312 11,027 2.9%12.6%
202961400,274 8,133 2.1%14.7%
203034160,464 4,905 1.3%16.0%
203127390,854 5,015 1.3%17.3%
203235145,509 2,872 0.8%18.1%
20332125,342,487 264,979 69.5%87.6%
203419314,725 5,534 1.5%89.1%
2035441,152,479 19,084 5.0%94.1%
203615304,540 5,555 1.5%95.6%
20378303,702 2,886 0.8%96.4%
2038766,700 1,263 0.3%96.7%
20399138,043 3,276 0.9%97.6%
204019117,879 2,486 0.7%98.3%
20416216,040 2,233 0.6%98.9%
2042—— — —%98.9%
2043157,543 155 —%98.9%
20443126,116 353 0.1%99.0%
204511154,966 3,923 1.0%100.0%
Total72912,890,398 $380,457 100%
(1)The year of lease expiration is pursuant to contract terms.
As of June 30, 2024, shown below is the list of our top ten states where our net lease properties are located. No other state represents more than 3% of our net lease annualized minimum rents.
StateNumber of PropertiesSquare FeetAnnualized Minimum RentPercent of Total Annualized Minimum Rent
Texas551,168,354 $33,935 8.9%
Ohio391,368,924 27,476 7.2%
Illinois54976,308 27,339 7.2%
California22399,045 25,870 6.8%
Georgia73590,245 20,578 5.4%
Arizona25476,651 17,031 4.5%
Florida46529,040 16,907 4.4%
Indiana40620,950 15,944 4.2%
Pennsylvania28544,003 15,927 4.2%
New Mexico16246,478 11,871 3.1%
Other3516,464,221 167,579 44.1%
Total74913,384,219 $380,457 100.0%

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Non-GAAP Financial Measures
We present certain “non-GAAP financial measures” within the meaning of the applicable SEC rules, including funds from operations, or FFO, and normalized funds from operations, or Normalized FFO. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income (loss) as presented in our condensed consolidated statements of comprehensive income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss). We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of our operating performance between periods and with other REITs.
Funds From Operations and Normalized Funds From Operations
We calculate FFO and Normalized FFO as shown below. FFO is calculated on the basis defined by The National Association of Real Estate Investment Trusts, which is net income (loss), calculated in accordance with GAAP, excluding any gain or loss on sale of real estate and loss on impairment of real estate assets, if any, plus real estate depreciation and amortization, less any gains and losses on equity securities, as well as adjustments to reflect our share of FFO attributable to an investee and certain other adjustments currently not applicable to us. In calculating Normalized FFO, we adjust for the items shown below. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to satisfy our REIT distribution requirements, the availability to us of debt and equity capital, our distribution rate as a percentage of the trading price of our common shares, or dividend yield, and to the dividend yield of other REITs, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than we do.
Our calculations of FFO and Normalized FFO for the three and six months ended June 30, 2024 and 2023 and reconciliations of net income (loss), the most directly comparable financial measure under GAAP reported in our condensed consolidated financial statements, to those amounts appear in the following table (amounts in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net (loss) income$(73,850)$(11,278)$(152,233)$14,672 
Add (less): Depreciation and amortization95,674 94,571 188,781 194,610 
Loss on asset impairment, net34,887 9,005 37,338 9,005 
Loss (gain) on sale of real estate, net32 62 2,995 (41,836)
Loss (gain) on equity securities, net— 593 — (48,837)
Adjustments to reflect our share of FFO attributable to an investee1,021 798 1,987 2,031 
FFO57,764 93,751 78,868 129,645 
Add (less): Transaction related costs— 931 — 1,818 
Loss on early extinguishment of debt, net16,048 238 16,048 282 
Adjustments to reflect our share of Normalized FFO attributable to an investee(2)207 — 528 
Normalized FFO$73,810 $95,127 $94,916 $132,273 
Weighted average common shares outstanding (basic and diluted)165,198 164,902 165,178 164,884 
Basic and diluted per common share amounts:
Net (loss) income$(0.45)$(0.07)$(0.92)$0.09 
FFO $0.35 $0.57 $0.48 $0.79 
Normalized FFO$0.45 $0.58 $0.57 $0.80 
Distributions declared per share$0.20 $0.20 $0.40 $0.40 
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Item 3. Quantitative and Qualitative Disclosures About Market Risk (dollars in thousands, except per share amounts)
We are exposed to risks associated with market changes in interest rates. We manage our exposure to this market risk by monitoring available financing alternatives. Our strategy to manage exposure to changes in interest rates has not materially changed since December 31, 2023. Other than as described below, we do not currently foresee any significant changes in our exposure to fluctuations in interest rates or in how we manage this exposure in the near future.
Fixed Rate Debt
At June 30, 2024, our outstanding fixed rate debt consisted of the following:
DebtPrincipal
 Balance		Annual
 Interest Rate		Annual
 Interest Expense		MaturityInterest
 Payments Due
Senior unsecured notes$350,000 5.250 %$18,375 2026Semi-Annually
Senior unsecured notes450,000 4.750 %21,375 2026Semi-Annually
Senior unsecured notes400,000 4.950 %19,800 2027Semi-Annually
Senior guaranteed unsecured notes
450,000 5.500 %24,750 2027Semi-Annually
Senior unsecured notes400,000 3.950 %15,800 2028Semi-Annually
Net lease mortgage notes607,590 5.600 %34,025 2028Monthly
Senior guaranteed unsecured notes
700,000 8.375 %58,625 2029Semi-Annually
Senior unsecured notes425,000 4.950 %21,038 2029Semi-Annually
Senior unsecured notes400,000 4.375 %17,500 2030Semi-Annually
Senior secured notes1,000,000 8.625 %86,250 2031Semi-Annually
Senior guaranteed unsecured notes
500,000 8.875 %44,375 2032Semi-Annually
$5,682,590 $361,913 
No principal repayments are due under our unsecured or secured senior notes until maturity. Our net lease mortgage notes require principal and interest payments through maturity pursuant to amortization schedules. Because these notes require interest at fixed rates, changes in market interest rates during the term of these debts will not affect our interest obligations. If these notes were refinanced at interest rates which are one percentage point higher than the rates shown above, our per annum interest cost would increase by approximately $56,826. Changes in market interest rates would affect the fair value of our fixed rate debt obligations; increases in market interest rates decrease the fair value of our fixed rate debt while decreases in market interest rates increase the fair value of our fixed rate debt. In response to significant and prolonged increases in inflation, the U.S. Federal Reserve has raised interest rates multiple times since the beginning of 2022. Although the U.S. Federal Reserve has indicated that it may lower interest rates in 2024, we cannot be sure that it will do so, and interest rates may remain at the current high levels or continue to increase. Based on the balances outstanding at June 30, 2024 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $205,977.
Our fixed rate debt arrangements may allow us to make repayments earlier than the stated maturity date. In some cases, we are not allowed to make early repayment prior to a cutoff date and we are generally allowed to make prepayments only at a premium equal to a make whole amount, as defined, which is generally designed to preserve a stated yield to the noteholder. Also, we have in the past repurchased and retired some of our outstanding debts and we may do so again in the future. These prepayment rights and our ability to repurchase and retire outstanding debt may afford us opportunities to mitigate the risks of refinancing our debts at their maturities at higher rates by refinancing prior to maturity.
Floating Rate Debt
At June 30, 2024, we had no amounts outstanding under our revolving credit facility. The maturity date of our revolving credit facility is June 29, 2027, and, subject to our meeting certain conditions, including our payment of an extension fee, we have an option to extend the stated maturity date of the facility by two six-month periods. No principal repayments are required under our revolving credit facility prior to maturity and repayments may be made and redrawn subject to conditions at any time without penalty.
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Borrowings under our revolving credit facility are in U.S. dollars and require interest to be paid at a rate of SOFR plus premiums. Accordingly, we are vulnerable to changes in U.S. dollar based short term interest rates, specifically SOFR. In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics. Generally, a change in interest rates would not affect the value of this floating rate debt but would affect our operating results.
The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2024 if we were fully drawn on our revolving credit facility:
Impact of Increase in Interest Rates
Interest Rate
Per Year (1)
Outstanding
Debt 		Total Interest
Expense Per Year
Annual Per
Share Impact (2)
At June 30, 20247.83 %$650,000 $50,895 $0.31 
One percentage point increase8.83 %$650,000 $57,395 $0.35 
(1)Based on SOFR plus a premium, which was 250 basis points per annum, at June 30, 2024.
(2)Based on diluted weighted average common shares outstanding for the six months ended June 30, 2024.
The foregoing table shows the impact of an immediate change in floating interest rates as of June 30, 2024. If interest rates were to change gradually over time, the impact would be spread over time. Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts under our revolving credit facility or other floating rate debt, if any. Although we have no present plans to do so, we may in the future enter into hedge arrangements from time to time to mitigate our exposure to changes in interest rates.
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Item 4. Controls and Procedures
As of the end of the period covered by this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of our Managing Trustees, our President and Chief Investment Officer and our Chief Financial Officer and Treasurer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended. Based upon that evaluation, our Managing Trustees, our President and Chief Investment Officer and our Chief Financial Officer and Treasurer concluded that our disclosure controls and procedures are effective.
There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Warning Concerning Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: economic and market conditions and their potential impacts on us, our hotel managers and our tenants; expectations regarding demand for corporate travel and lodging; the sufficiency of our liquidity; our liquidity needs, sources and expected uses; our capital expenditure plans and commitments; our property dispositions and expected use of proceeds; and the amount and timing of future distributions.
Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following:
•    The ability of Sonesta to successfully operate the hotels it manages for us,
•    Our ability and the ability of our managers and tenants to operate under unfavorable market and commercial real estate industry conditions due to, among other things, high interest rates, prolonged high inflation, labor market challenges, supply chain disruptions, volatility in the public equity and debt markets, pandemics, geopolitical instability and tensions, economic downturns or a possible recession or changes in real estate utilization,
•    If and when business transient hotel business will return to historical levels and whether any improved hotel industry conditions will continue, increase or be sustained,
•    Whether and the extent to which our managers and tenants will pay the contractual amounts of returns, rents or other obligations due to us,
•    Competition within the commercial real estate, hotel, transportation and travel center and other industries in which our managers and tenants operate, particularly in those markets in which our properties are located,
•    Our ability to repay or refinance our debts as they mature or otherwise become due,
•    Our ability to maintain sufficient liquidity, including the availability of borrowings under our revolving credit facility,
•    Our ability to pay interest on and principal of our debt,
•    Our ability to pay distributions to our shareholders and to increase or sustain the amount of such distributions,
•    Our ability to acquire properties that realize our targeted returns,
•    Our ability to sell properties at prices we target,
•    Our ability to raise or appropriately balance the use of debt or equity capital,
•    Potential defaults under our management agreements and leases by our managers and tenants,
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•    Our ability to increase hotel room rates and rents at our net leased properties as our leases expire in excess of our operating expenses and to grow our business,
•    Our ability to increase and maintain hotel room and net lease property occupancy at our properties,     
•    Our ability to make cost-effective improvements to our properties that enhance their appeal to hotel guests and net lease tenants,
•    Our ability to engage and retain qualified managers and tenants for our hotels and net lease properties on satisfactory terms,
•    Our ability to diversify our sources of rents and returns that improve the security of our cash flows,
•    Our credit ratings,
•    The ability of our manager, RMR, to successfully manage us,
•    Actual and potential conflicts of interest with our related parties, including our Managing Trustees, Sonesta, RMR and others affiliated with them,
•    Our ability to realize benefits from the scale, geographic diversity, strategic locations and variety of service levels of our hotels,
•    Limitations imposed by, and our ability to satisfy, complex rules to maintain our qualification for taxation as a REIT for U.S. federal income tax purposes,
•    Compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters,
•    Acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change or other man-made or natural disasters beyond our control, and
•    Other matters.
These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in our periodic filings. The information contained elsewhere in this Quarterly Report on Form 10-Q or in our other filings with the SEC, including under the caption “Risk Factors”, or incorporated herein or therein, identifies other important factors that could cause differences from our forward-looking statements. Our filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon our forward-looking statements.
Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
Statement Concerning Limited Liability
The Amended and Restated Declaration of Trust establishing Service Properties Trust dated August 21, 1995, as amended and supplemented, as filed with the State Department of Assessments and Taxation of Maryland, provides that no trustee, officer, shareholder, employee or agent of Service Properties Trust shall be held to any personal liability, jointly or severally, for any obligation of, or claim against, Service Properties Trust. All persons dealing with Service Properties Trust in any way shall look only to the assets of Service Properties Trust for the payment of any sum or the performance of any obligation.
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Part II. Other Information
Item 1A. Risk Factors
There have been no material changes to risk factors from those we previously disclosed in our 2023 Annual Report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Issuer purchases of equity securities. The following table provides information about our purchases of our equity securities during the quarter ended June 30, 2024:
Calendar Month
Number of Common Shares Purchased (1)
Average Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
April 1, 2024 - April 30, 20248,159 $6.53 — $— 
May 1, 2024 - May 31, 20242,102 5.80 — — 
Total10,261 $6.38 — $— 
(1)These common share withholdings and purchases were made to satisfy tax withholding and payment obligations from certain former officers and employees of RMR in connection with the vesting of awards of our common shares. We withheld and purchased these common shares at their fair market values based upon the trading prices of our common shares at the close of trading on Nasdaq on the purchase dates.
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Item 6. Exhibits
Exhibit
Number		Description
3.1
3.2
3.3
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
4.10
4.11
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Exhibit
Number		Description
4.12
4.13
4.14
4.15
4.16
4.17
4.18
4.19
10.1
10.2
22.1
31.1
31.2
31.3
31.4
32.1
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema Document. (Filed herewith.)
101.CALXBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.)
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Exhibit
Number		Description
101.DEFXBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.)
101.LABXBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.)
101.PREXBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.)
104Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101).

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SERVICE PROPERTIES TRUST
By:/s/ Todd W. Hargreaves
Todd W. Hargreaves
President and Chief Investment Officer
Dated: August 6, 2024
By:/s/ Brian E. Donley
Brian E. Donley
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
Dated: August 6, 2024

47
Exhibit 10.1
SCHEDULE A
 
MANAGERS
 
Sonesta Canada ULC, a British Columbian company
Sonesta Chicago LLC, a Maryland limited liability company
Sonesta Clift LLC, a Maryland limited liability company
Sonesta Gatehall Drive LLC, a Maryland limited liability company
Sonesta Higgins Road LLC, a Maryland limited liability company
Sonesta International Hotels Corporation, a Maryland corporation
Sonesta Jersey City LLC, a Maryland limited liability company
Sonesta Mannheim Road LLC, a Maryland limited liability company
Sonesta Minneapolis LLC, a Maryland limited liability company
Sonesta Morris Plains LLC, a Maryland limited liability company
Sonesta Randolph Street LLC, a Maryland limited liability company
Sonesta Redondo Beach LLC, a Maryland limited liability company
Sonesta San Juan LLC, a Puerto Rican limited liability company
Sonesta State Street LLC, a Maryland limited liability company
Sonesta Toronto ULC, a British Columbian company
Sonesta Walton Place LLC, a Maryland limited liability company
Sonesta Whippany LLC, a Maryland limited liability company
Sonesta White Plains LLC, a Maryland limited liability company




SCHEDULE B
 
OWNERS
 
Cambridge TRS, Inc., a Maryland corporation
HPT Clift TRS LLC, a Maryland limited liability company
HPT CY TRS, Inc., a Maryland corporation
HPT State Street TRS LLC, a Maryland limited liability company
HPT TRS IHG-2, Inc., a Maryland corporation
HPT TRS MRP, Inc., a Maryland corporation
HPT Wacker Drive TRS LLC, a Maryland limited liability company
SVC Gatehall Drive TRS LLC, a Maryland limited liability company
SVC Higgins Road TRS LLC, a Maryland limited liability company
SVC Jersey City TRS LLC, a Maryland limited liability company
SVC Mannheim Road TRS LLC, a Maryland limited liability company
SVC Minneapolis TRS LLC, a Maryland limited liability company
SVC Morris Plains TRS LLC, a Maryland limited liability company
SVC Randolph Street TRS LLC, a Maryland limited liability company
SVC Redondo Beach TRS LLC, a Maryland limited liability company
SVC San Juan TRS LLC, a Puerto Rican limited liability company
    

SCHEDULE C
HOTELS
Trade Name and Street AddressLandlordOwnerManagerService Level
1.
Sonesta Simply Suites Birmingham
600 Corporate Ridge Drive
Birmingham, AL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
2.
Sonesta ES Suites Birmingham Homewood
50 State Farm Parkway
Homewood, AL
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
3.
Sonesta Simply Suites Huntsville
201 Exchange Place
Huntsville, AL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
4.
Sonesta Select Phoenix Chandler
920 North 54th Street
Chandler, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
5.
Sonesta ES Suites Flagstaff
1400 N. Country Club Drive
Flagstaff, AZ
HPTMI Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
6.
Sonesta Simply Suites Phoenix
11411 North Black Canyon Highway
Phoenix, AZ
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
7.
Sonesta Select Phoenix Camelback
2101 East Camelback Road
Phoenix, AZ
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
8.
Sonesta Suites Scottsdale
7300 East Gainey Suites Drive
Scottsdale, AZ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
9.
Sonesta ES Suites Scottsdale
6040 North Scottsdale Road
Scottsdale, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
10.
Sonesta Simply Suites Scottsdale North
10740 North 90th Street
Scottsdale, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
11.
Sonesta Select Scottsdale at Mayo Clinic
13444 East Shea Boulevard
Scottsdale, AZ
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
12.
Sonesta Simply Suites Phoenix Tempe
1335 West Baseline Road
Tempe, AZ
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
13.
Sonesta Select Tempe
601 South Ash Avenue
Tempe, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
14.
Sonesta ES Suites Tempe
5075 South Priest Drive
Tempe, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
15.
Sonesta ES Suites Tucson
6477 East Speedway Boulevard
Tucson, AZ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
16.
Sonesta Anaheim
1915 South Manchester Avenue
Anaheim, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
17.
Sonesta ES Suites Anaheim
1855 South Manchester Ave
Anaheim, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
18.
Sonesta Select Camarillo
4994 Verdugo Way
Camarillo, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
19.
Sonesta ES Suites Chatsworth
21902 Lassen
Chatsworth, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
20.
Sonesta Select Los Angeles LAX
2000 East Mariposa Avenue
El Segundo, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
21.
Sonesta Emeryville
5555 Shellmound Street
Emeryville, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationFull


Trade Name and Street AddressLandlordOwnerManagerService Level
22.
Sonesta ES Suites Huntington Beach
9930 Slater Avenue
Fountain Valley, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
23.
Sonesta Select Huntington Beach
9950 Slater Road
Fountain Valley, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
24.
Sonesta ES Suites Fresno
5322 North Diana Avenue
Fresno, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
25.
Sonesta Simply Suites Anaheim
12901 Garden Grove Blvd
Garden Grove, CA
HPTMI Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
26.
The Sonesta Irvine
17941 Von Karman Avenue
Irvine, CA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
27.
Sonesta Simply Suites Orange County Spectrum Ctr
16150 Sand Canyon Avenue
Irvine, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
28.
Sonesta Select Laguna Hills
23175 Avenida de la Carlota
Laguna Hills, CA
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
29.
Sonesta Simply Suites Orange County Irvine
3 South Pointe Drive
Lake Forest, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
30.
Sonesta Los Angeles Airport
5985 West Century Boulevard
Los Angeles, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
31.
Sonesta Silicon Valley
1820 Barber Lane
Milpitas, CA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
32.
Sonesta San Jose
777 Bellew Drive
Milpitas, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull


Trade Name and Street AddressLandlordOwnerManagerService Level
33.
Sonesta Select Pleasant Hill
2250 Contra Costa Boulevard
Pleasant Hill, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
34.
Sonesta Redondo Beach & Marina
300 North Harbor Drive
Redondo Beach, CA
HPTMI Properties TrustSVC Redondo Beach TRS LLCSonesta Redondo Beach LLCFull
35.
Sonesta ES Suites San Francisco Airport
1350 Huntington Avenue
San Bruno, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
36.
Sonesta ES Suites San Diego
11855 Avenue of Industry
San Diego, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
37.
Sonesta ES Suites San Diego - Mira Mesa
6639 Mira Mesa Boulevard
San Diego, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
38.
Sonesta ES Suites Carmel Mountain
11002 Rancho Carmel Drive
San Diego, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
39.
The Clift Royal Sonesta Hotel
495 Geary Street
San Francisco, CA
HPT Geary Properties TrustHPT Clift TRS LLCSonesta Clift LLCFull
40.
Sonesta ES Suites San Jose Airport
1602 Crane Court
San Jose, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
41.
Sonesta Select San Jose Airport
1727 Technology Drive
San Jose, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
42.
Sonesta Select San Ramon
18090 San Ramon Valley Boulevard
San Ramon, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
43.
Sonesta Simply Suites Orange County Airport
2600 South Red Hill Avenue
Santa Ana, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
44.
Sonesta Simply Suites -Silicon Valley Santa Clara
481 El Camino Real
Santa Clara, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
45.
Sonesta Select San Francisco Airport Oyster Point
1300 Veterans Boulevard
South San Francisco, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
46.
Sonesta ES Suites San Francisco Airport Oyster Point
1350 Veterans Boulevard
South San Francisco, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
47.
Sonesta ES Suites Sunnyvale
900 Hamlin Court
Sunnyvale, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
48.
Sonesta ES Suites Torrance Redondo Beach
19901 Prairie Ave
Torrance, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
49.
Sonesta Select Los Angeles Torrance
1925 West 190th Street
Torrance, CA
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
50.
Sonesta ES Suites Colorado Springs
3880 North Academy Boulevard
Colorado Springs, CO
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
51.
Sonesta Denver
1450 Glenarm Place
Denver, CO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
52.
Sonesta Simply Suites Denver Federal Center
895 Tabor Street
Lakewood, CO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
53.
Sonesta ES Suites Denver South
7820 Park Meadows Drive
Lonetree, CO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
54.
Royal Sonesta Washington DC
2121 P Street NW
Washington, DC
HPT IHG-3 Properties LLCHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull


Trade Name and Street AddressLandlordOwnerManagerService Level
55.
Sonesta ES Suites Wilmington - Newark
240 Chapman Road
Newark, DE
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
56.
Sonesta Select Boca Raton
2000 NW Executive Center Cir.
Boca Raton, FL
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
57.
Sonesta Simply Suites Clearwater
13231 49th Street North
Clearwater, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
58.
Sonesta Fort Lauderdale
999 N. Fort Lauderdale Beach Boulevard
Fort Lauderdale, FL
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
59.
Sonesta ES Suites Fort Lauderdale Plantation
410 North Pine Island Road
Fort Lauderdale, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
60.
Sonesta Simply Suites Jacksonville
4990 Belfort Road
Jacksonville, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
61.
Sonesta Simply Suites Miami Airport
8855 NW 27th Street
Miami, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
62.
Sonesta Miami Airport
950 NW LeJeune Road
Miami, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
63.
Nautilus Sonesta Miami Beach
1825 Collins Avenue
Miami Beach, FL
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
64.
Sonesta Select Miami Lakes
15700 NW 77th Court
Miami Lakes, FL
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
65.
Sonesta ES Suites Orlando
8480 International Drive
Orlando, FL
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
66.
Sonesta ES Suites Lake Buena Vista
8751 Suiteside Drive
Orlando, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
67.
Sonesta ES Suites Alpharetta North Point
3980 North Point Parkway
Alpharetta, GA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
68.
Sonesta ES Suites Atlanta North Point Mall
1325 North Point Drive
Alpharetta, GA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
69.
Sonesta ES Suites Atlanta Alpharetta Windward
5465 Windward Parkway
Alpharetta, GA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
70.
Sonesta Atlanta Airport South
4669 Airport Boulevard
Atlanta, GA
HPT IHG GA Properties LLCHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
71.
Sonesta ES Suites Atlanta
760 Mount Vernon Highway
Atlanta, GA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
72.
Sonesta Atlanta Northwest Galleria
6345 Powers Ferry Road NW
Atlanta, GA
HPT IHG-3 Properties LLCCambridge TRS, Inc.Sonesta International Hotels CorporationFull
73.
Sonesta Atlanta Airport North
1325 Virginia Avenue
Atlanta, GA
HPT IHG-3 Properties LLCHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
74.
Sonesta Select Atlanta Midtown
1132 Techwood Drive NW
Atlanta, GA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
75.
Sonesta Select Atlanta Cumberland
3000 Cumberland Boulevard SE
Atlanta, GA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
76.
Sonesta Simply Suites Atlanta
3665 Shackleford Road
Duluth, GA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
77.
Sonesta ES Suites Atlanta – Perimeter Center
4601 Ridgeview Road
Dunwoody, GA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
78.
Sonesta Select Atlanta Airport
3399 International Boulevard
Hapeville, GA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
79.
Sonesta ES Suites Atlanta Kennesaw Town Center
3443 Busbee Drive NW
Kennesaw, GA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
80.
Royal Sonesta Kauai Resort
3160 Rice Street
Lihue-Kauai, HI
HPTMI Hawaii, Inc.HPT TRS MRP, Inc.Sonesta International Hotels CorporationFull
81.
Sonesta Simply Suites Des Moines
7625 Office Plaza Drive North
Des Moines, IA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
82.
Royal Sonesta Chicago River North
505 North State Street
Chicago, IL
HPT IHG Chicago Property LLCHPT State Street TRS LLCSonesta State Street LLCFull
83.
Royal Sonesta Chicago Downtown
71 East Wacker Drive
Chicago, IL
HPT IHG-2 Properties TrustHPT Wacker Drive TRS LLCSonesta Chicago LLCFull
84.
The Allegro Royal Sonesta Chicago Loop
171 West Randolph Street
Chicago, IL
HPT IHG-3 Properties LLCSVC Randolph Street TRS LLCSonesta Randolph Street LLCFull
85.
Sonesta ES Suites Chicago Downtown
201 East Walton Place
Chicago, IL
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta Walton Place LLCSelect
86.
Sonesta Simply Suites Chicago Libertyville
1100 N US Route 45
Libertyville, IL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
87.
Sonesta Chicago O’Hare Airport
10233 West Higgins Road
Rosemont, IL
HPT IHG-3 Properties LLCSVC Higgins Road TRS LLCSonesta Higgins Road LLCFull


Trade Name and Street AddressLandlordOwnerManagerService Level
88.
Sonesta Simply Suites Chicago O’Hare
4021 North Mannheim Road
Schiller Park, IL
HPT IHG-2 Properties TrustSVC Mannheim Road TRS LLCSonesta Mannheim Road LLCSelect
89.
Sonesta Simply Suites Chicago Naperville
27 West 300 Warrenville Road
Warrenville, IL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
90.
Sonesta Simply Suites Chicago Waukegan
1151 South Waukegan Road
Waukegan, IL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
91.
Sonesta ES Suites Chicago Waukegan
1440 South White Oak Drive
Waukegan, IL
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
92.
Sonesta Select Indianapolis
37 W 103rd Street
Indianapolis, IN
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
93.
Sonesta ES Suites Baton Rouge
4001 Nicholson Drive
Baton Rouge, LA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
94.
Sonesta ES Suites New Orleans Convention Center
345 St. Joseph Street
New Orleans, LA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
95.
Royal Sonesta New Orleans
300 Bourbon Street
New Orleans, LA
Royal Sonesta, Inc.Cambridge TRS, Inc.Sonesta International Hotels CorporationFull
96.
Sonesta ES Suites Andover
4 Technology Drive
Andover, MA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
97.
Sonesta Simply Suites Boston Braintree
235 Wood Road
Braintree, MA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
98.
Sonesta Simply Suites Boston Burlington
130 Middlesex Turnpike
Burlington, MA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
99.
Royal Sonesta Cambridge
40 Edwin H. Land Boulevard
Cambridge, MA
HPT Cambridge LLCCambridge TRS, Inc.Sonesta International Hotels CorporationFull
100.
Sonesta Select Boston Danvers
275 Independence Way
Danvers, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
101.
Sonesta Select Boston Foxborough
35 Foxborough Boulevard
Foxborough, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
102.
Sonesta Select Boston Lowell
30 Industrial Avenue East
Lowell, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
103.
Sonesta Select Boston Milford
10 Fortune Boulevard
Milford, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
104.
Sonesta ES Suites Annapolis
170 Admiral Cochrane Drive
Annapolis, MD
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
105.
Royal Sonesta Harbor Court Baltimore
550 Light Street
Baltimore, MD
Harbor Court Associates, LLCCambridge TRS, Inc.Sonesta International Hotels CorporationFull
106.
Sonesta Select Columbia
8910 Stanford Boulevard
Columbia, MD
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
107.
Sonesta Simply Suites Baltimore BWI Airport
1247 Winterson Road
Linthicum Heights, MD
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
108.
Sonesta ES Suites Baltimore BWI Airport
1160 Winterson Road
Linthicum Heights, MD
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
109.
Sonesta Simply Suites Detroit Ann Arbor
701 Waymarket Way
Ann Arbor, MI
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
110.
Sonesta Select Detroit Auburn Hills
2550 Aimee Lane
Auburn Hills, MI
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
111.
Sonesta Simply Suites Detroit Novi
42600 Eleven Mile Road
Novi, MI
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
112.
Sonesta Select Detroit Novi
42700 Eleven Mile Road
Novi, MI
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
113.
Sonesta Simply Suites Detroit Troy
2550 Troy Center Drive
Troy, MI
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
114.
Sonesta Simply Suites Detroit Warren
7010 Convention Boulevard
Warren, MI
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
115.
Sonesta ES Suites Detroit Warren
30120 North Civic Center Blvd.
Warren, MI
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
116.
Sonesta Select Minneapolis
11391 Viking Drive
Eden Prairie, MN
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
117.
Sonesta Simply Suites Minneapolis Richfield
351 West 77th Street
Minneapolis, MN
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
118.
Royal Sonesta Minneapolis
35-45 South Seventh Street
Minneapolis, MN
HPTWN Properties TrustSVC Minneapolis TRS LLCSonesta Minneapolis LLCFull
119.
Sonesta Simply Suites St. Louis Earth City
3250 Rider Trail South
Earth City, MO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
120.
Sonesta Select Kansas City South
500 East 105th Street
Kansas City, MO
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
121.
Sonesta Select Kansas City Airport
7901 NW Tiffany Springs Parkway
Kansas City, MO
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
122.
Royal Sonesta Chase Park Plaza
212-232 N. Kingshighway Boulevard
St. Louis, MO
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
123.
Sonesta ES Suites Raleigh Cary
2900 Regency Parkway
Cary, NC
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
124.
Sonesta ES Suites Charlotte
7925 Forest Pine Drive
Charlotte, NC
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
125.
Sonesta Charlotte
5700 Westpark Drive
Charlotte, NC
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
126.
Sonesta Simply Suites Charlotte University
8812 University East Drive
Charlotte, NC
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
127.
Sonesta Select Charlotte University
333 West WT Harris Boulevard
Charlotte, NC
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
128.
Sonesta Select Raleigh Durham Airport
2001 Hospitality Court
Morrisville, NC
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
129.
Sonesta ES Suites Raleigh Durham Airport
2020 Hospitality Court
Morrisville, NC
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
130.
Sonesta Simply Suites Jersey City
21 2nd Street
Jersey City, NJ
HPT IHG-2 Properties TrustSVC Jersey City TRS LLCSonesta Jersey City LLCSelect
131.
Sonesta Simply Suites Parsippany Morris Plains
100 Candlewood Drive
Morris Plains, NJ
HPT IHG-2 Properties TrustSVC Morris Plains TRS LLCSonesta Morris Plains LLCSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
132.
Sonesta ES Suites Parsippany Morris Plains
3 Gatehall Drive
Parsippany, NJ
HPTMI Properties TrustSVC Gatehall Drive TRS LLCSonesta Gatehall Drive LLCSelect
133.
Sonesta ES Suites Princeton
4375 US Route 1 South
Princeton, NJ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
134.
Sonesta ES Suites Somerset
260 Davidson Avenue
Somerset, NJ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
135.
Sonesta Select Tinton Falls
600 Hope Road
Tinton Falls, NJ
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
136.
Sonesta Select Whippany
157 Route 10 East
Whippany, NJ
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta Whippany LLCSelect
137.
Sonesta Simply Suites Albuquerque
3025 Menaul Boulevard NE
Albuquerque, NM
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
138.
Sonesta ES Suites Albuquerque
3300 Prospect Avenue, NE
Albuquerque, NM
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
139.
Sonesta Simply Suites Las Vegas
4034 South Paradise Road
Las Vegas, NV
HPTMI Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
140.
Sonesta Select Las Vegas
1901 North Rainbow Boulevard
Las Vegas, NV
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
141.
Sonesta ES Suites Reno
9845 Gateway Drive
Reno, NV
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
142.
Sonesta White Plains
66 Hale Avenue
White Plains, NY
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta White Plains LLCFull


Trade Name and Street AddressLandlordOwnerManagerService Level
143.
Sonesta ES Suites Cincinnati - Blue Ash
11401 Reed Hartman Highway
Blue Ash, OH
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect
144.
Sonesta Columbus
33 East Nationwide Boulevard
Columbus, OH
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
145.
Sonesta Simply Suites Columbus Airport
590 Taylor Road
Gahanna, OH
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
146.
Sonesta Simply Suites Cleveland North Olmstead
24741 Country Club Boulevard
North Olmstead, OH
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
147.
Sonesta Simply Suites Oklahoma City Airport
4400 River Park Drive
Oklahoma City, OK
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
148.
Sonesta ES Suites Toronto
355 South Park Road
Toronto, ON
HPT IHG Canada Properties TrustHPT TRS IHG-2, Inc.Sonesta Canada ULCSelect
149.
The Yorkville Royal Sonesta Hotel
220 Bloor Street
Toronto, ON
HPT IHG Canada Properties TrustHPT TRS IHG-2, Inc.Sonesta Toronto ULCFull
150.
Royal Sonesta Portland
506 SW Washington Street
Portland, OR
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
151.
Sonesta Select Allentown Bethlehem
2160 Motel Drive
Allentown, PA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
152.
Sonesta ES Suites Allentown Bethlehem
2180 Motel Drive
Bethlehem, PA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
153.
Sonesta Hotel Philadelphia
1800 Market Street
Philadelphia, PA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull


Trade Name and Street AddressLandlordOwnerManagerService Level
154.
Sonesta Select Philadelphia Airport
8900 Bartram Avenue
Philadelphia, PA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
155.
Sonesta Simply Suites Pittsburgh Airport
100 Chauvet Drive
Pittsburgh, PA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
156.
Royal Sonesta San Juan
5961 Isla Verde Avenue
Carolina PR
HPT IHG PR, Inc.SVC San Juan TRS LLCSonesta San Juan LLCFull
157.
Sonesta Select Newport Middletown
9 Commerce Drive
Middletown, RI
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
158.
Sonesta Hilton Head
130 Shipyard Drive
Hilton Head, SC
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
159.
Sonesta Simply Suites Nashville Brentwood
5129 Virginia Way
Brentwood, TN
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
160.
Sonesta ES Suites Nashville Brentwood
206 Ward Circle
Brentwood, TN
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
161.
Sonesta Select Chattanooga
2210 Bams Drive
Chattanooga, TN
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
162.
Sonesta Select Nashville Airport Suites
1100 Airport Center Drive
Nashville, TN
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
163.
Sonesta Nashville Airport
600 Marriott Drive
Nashville, TN
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationFull
164.
Sonesta Simply Suites Arlington
2221 Brookhollow Plaza Drive
Arlington, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
165.
Sonesta ES Suites Austin Arboretum
10201 Stonelake Boulevard
Austin, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
166.
Sonesta Simply Suites Austin South
4320 IH 35 Frontage Road
Austin, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
167.
The Stephen F. Austin Royal Sonesta Hotel
701 Congress Avenue
Austin, TX
HPTMI Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
168.
Sonesta Simply Suites Austin Arboretum
9701 Stonelake Boulevard
Austin, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
169.
Sonesta Simply Suites Dallas Galleria
13939 Noel Road
Dallas, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
170.
Sonesta ES Suites Dallas Market Center
6950 North Stemmons Freeway
Dallas, TX
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
171.
Sonesta Select Dallas Central Expressway
10325 North Central Expressway
Dallas, TX
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
172.
Sonesta ES Suites Fort Worth
5801 Sandshell Drive
Fort Worth, TX
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
173.
Royal Sonesta Houston Hotel
2222 West Loop South
Houston, TX
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull
174.
Sonesta Simply Suites Houston Clear Lake
2737 Bay Area Boulevard
Houston, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
175.
Sonesta Simply Suites Houston City Centre
10503 Town & Country Way
Houston, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
176.
Sonesta ES Suites Dallas Las Colinas
1201 Executive Circle
Irving, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
177.
Sonesta Simply Suites Dallas Las Colinas
5300 Green Park Drive
Irving, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
178.
Sonesta Simply Suites Plano
4701 Legacy Drive
Plano, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
179.
Sonesta ES Suites San Antonio Northwest
4320 Spectrum One
San Antonio, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
180.
Sonesta ES Suites San Antonio
425 Bonham Street
San Antonio, TX
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
181.
Sonesta Simply Suites Salt Lake City Airport
2170 West North Temple
Salt Lake City, UT
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
182.
Sonesta Select Arlington
1533 Clarendon Boulevard
Arlington, VA
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
183.
Sonesta ES Suites Charlottesville
1111 Millmont Street
Charlottesville, VA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
184.
Sonesta ES Suites Fairfax
12815 Fairlakes Parkway
Fairfax, VA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
185.
Sonesta Simply Suites Falls Church
205 Hillwood Avenue
Falls Church, VA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
186.
Sonesta Simply Suites Hampton
401 Butler Farm Road
Hampton, VA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect


Trade Name and Street AddressLandlordOwnerManagerService Level
187.
Sonesta ES Suites Dulles Airport
13700 Coppermine Road
Herndon, VA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
188.
Sonesta Select Seattle Belleview
14615 NE 29th Place
Bellevue, WA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect
189.
Sonesta Select Seattle Renton
200 SW 19th Street
Renton, WA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
190.
Sonesta Simply Suites Seattle Renton
300 SW 19th Street
Renton, WA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect
191.
The Alexis Royal Sonesta Hotel
1007 First Avenue
Seattle, WA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull
192.
Sonesta ES Suites Vancouver - Portland West
7301 NE 41st Street
Vancouver, WA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect
193.
Sonesta ES Suites Charleston
200 Hotel Circle
Charleston, WV
HPT IHG-2 Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect


SCHEDULE D
MANAGEMENT AGREEMENTS
1.Amended, Restated and Consolidated Master Management Agreement for Retained Hotels, dated as of January 1, 2022, by and among Sonesta International Hotels Corporation and Sonesta Walton Place LLC, as managers, and Cambridge TRS, Inc., HPT CY TRS, Inc., HPT TRS IHG-2, Inc. and HPT TRS MRP, Inc., as owners, as amended and assigned. [129 Hotels]
2.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Redondo Beach LLC, as manager, and SVC Redondo Beach TRS LLC, as owner, as amended. [Sonesta Redondo Beach & Marina]
3.Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Clift LLC, as manager, and HPT Clift TRS LLC, as owner, as amended. [The Clift Royal Sonesta Hotel]
4.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta State Street LLC, as manager, and HPT State Street TRS LLC, as owner, as amended. [The Royal Sonesta Chicago River North]
5.Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Chicago LLC, as manager, and HPT Wacker Drive TRS LLC, as owner, as amended. [The Royal Sonesta Chicago Downtown]
6.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Randolph Street LLC, as manager, and SVC Randolph Street TRS LLC, as owner, as amended. [The Allegro Royal Sonesta Chicago River Loop]
7.Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta International Hotels Corporation, as manager, and Cambridge TRS, Inc., as owner, as amended. [Royal Sonesta Boston]
8.Second Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta International Hotels Corporation, as manager, and Cambridge TRS, Inc., as owner, as amended [Royal Sonesta New Orleans]
9.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Jersey City LLC, as manager, and SVC Jersey City TRS LLC, as owner, as amended. [Sonesta Jersey City]
10.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Morris Plains LLC, as manager, and SVC Morris Plains TRS LLC, as owner, as amended. [Sonesta Simply Suites Parsippany Morris Plains]


11.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Gatehall Drive LLC, as manager, and SVC Gatehall Drive TRS LLC, as owner, as amended. [Sonesta ES Suites Parsippany Morris Plains]
12.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Whippany LLC, as manager, and HPT CY TRS, Inc., as owner, as amended. [Sonesta Select Whippany]
13.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta White Plains LLC, as manager, and HPT TRS IHG-2, Inc., as owner, as amended. [Sonesta White Plains]
14.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Minneapolis LLC, as manager, and SVC Minneapolis TRS LLC, as owner, as amended. [Royal Sonesta Minneapolis]
15.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta San Juan LLC, as manager, and SVC San Juan TRS LLC, as owner, as amended. [Royal Sonesta San Juan]
16.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Canada ULC, as manager, and HPT TRS IHG-2, Inc., as owner, as amended. [Sonesta ES Suites Toronto]
17.Amended and Restated Management Agreement, dated as of January 1, 2022, by and between Sonesta Toronto ULC, as manager, and HPT TRS IHG-2, Inc., as owner, as amended. [The Yorkville Royal Sonesta Hotel]
18.Master Management Agreement, dated as of June 1, 2023, by and among Sonesta International Hotels Corporation, as manager, and Cambridge TRS, Inc., HPT IHG-2 TRS, Inc. and HPT TRS MRP, Inc., as owners, as amended. [48 hotels]
19.Management Agreement, dated as of April 1, 2024, by and between Sonesta Higgins Road LLC, as manager, and SVC Higgins Road TRS LLC, as owner. [Sonesta Chicago O’Hare Airport]
20.Management Agreement, dated as of April 1, 2024, by and between Sonesta Mannheim Road LLC, as manager, and SVC Mannheim Road TRS LLC, as owner. [Sonesta Simply Suites Chicago O’Hare]



SCHEDULE E
PRIOR POOLING AGREEMENTS
1.Amended and Restated Pooling Agreement, dated as of February 27, 2020, by and among Sonesta Chicago LLC, Sonesta Clift LLC, Sonesta International Hotels Corporation, as managers, and Cambridge TRS, Inc., HPT Clift TRS LLC, and HPT Wacker Drive TRS LLC, as owners.
2.Pooling Agreement (Conversion Hotels), dated as of December 15, 2020, but made effective as of September 18, 2020, by and among Sonesta Canada ULC, Sonesta Gatehall Drive LLC, Sonesta International Hotel Corporation, Sonesta Jersey City LLC, Sonesta Morris Plains LLC, Sonesta Nanuet LLC, Sonesta NJ LLC, Sonesta Randolph Street LLC, Sonesta San Juan LLC, Sonesta State Street LLC and Sonesta Toronto ULC, as managers, and Cambridge TRS, Inc., HPT CY TRS, Inc., HPT State Street TRS LLC, HPT TRS IHG-2, Inc., HPT TRS MRP, Inc., SVC Gatehall Drive TRS LLC, SVC Jersey City TRS LLC, SVC Morris Plains TRS LLC, SVC Nanuet TRS LLC, SVC NJ TRS LLC, SVC Randolph Street TRS LLC, SVC Redondo Beach TRS LLC and SVC San Juan TRS LLC, as owners.
Exhibit 10.2
There are 20 management agreements with subsidiaries of Sonesta Holdco Corporation, or Sonesta, for hotels which we and Sonesta have designated as retained hotels, a representative form of which is filed as Exhibit 10.1 to our Current Report on Form 8-K dated January 7, 2022 and which is incorporated herein by reference.  There are 2 management agreements for retained hotels that each cover multiple hotels.  The other 18 management agreements for retained hotels each cover a single hotel.  All of the management agreements are substantially identical in all material respects to the representative form of management agreement.  The following schedule sets forth various specific information with respect to the management agreement for each hotel.

SCHEDULE 1
HOTELS
Trade Name and
Street Address
LandlordOwner
Manager
Service
Level
Initial
Owner’s Priority
1.
Sonesta Simply Suites Birmingham
600 Corporate Ridge Drive
Birmingham, AL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$596,539
2.
Sonesta ES Suites Birmingham Homewood
50 State Farm Parkway
Homewood, AL
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$871,176
3.
Sonesta Simply Suites Huntsville
201 Exchange Place
Huntsville, AL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$620,594
4.
Sonesta Select Phoenix Chandler
920 North 54th Street
Chandler, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,229,547
5.
Sonesta ES Suites Flagstaff
1400 N. Country Club Drive
Flagstaff, AZ
HPTMI Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$653,715
6.
Sonesta Simply Suites Phoenix
11411 North Black Canyon Highway
Phoenix, AZ
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$563,147
7.
Sonesta Select Phoenix Camelback
2101 East Camelback Road
Phoenix, AZ
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$853,588
8.
Sonesta Suites Scottsdale
7300 East Gainey Suites Drive
Scottsdale, AZ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$1,898,048
9.
Sonesta ES Suites Scottsdale
6040 North Scottsdale Road
Scottsdale, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,376,289
10.
Sonesta Simply Suites Scottsdale North
10740 North 90th Street
Scottsdale, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,056,905
11.
Sonesta Select Scottsdale at Mayo Clinic
13444 East Shea Boulevard
Scottsdale, AZ
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$605,212


Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
12.
Sonesta Simply Suites Phoenix Tempe
1335 West Baseline Road
Tempe, AZ
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$725,507
13.
Sonesta Select Tempe
601 South Ash Avenue
Tempe, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,220,901
14.
Sonesta ES Suites Tempe
5075 South Priest Drive
Tempe, AZ
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,159,727
15.
Sonesta ES Suites Tucson
6477 East Speedway Boulevard
Tucson, AZ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$522,115
16.
Sonesta Anaheim
1915 South Manchester Avenue
Anaheim, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$1,071,986
17.
Sonesta ES Suites Anaheim
1855 South Manchester Ave
Anaheim, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,942,725
18.
Sonesta Select Camarillo
4994 Verdugo Way
Camarillo, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$683,320
19.
Sonesta ES Suites Chatsworth
21902 Lassen
Chatsworth, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,013,330
20.
Sonesta Select Los Angeles LAX
2000 East Mariposa Avenue
El Segundo, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$904,479
21.
Sonesta Emeryville
5555 Shellmound Street
Emeryville, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationFull$4,239,477
22.
Sonesta ES Suites Huntington Beach
9930 Slater Avenue
Fountain Valley, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,328,506
23.
Sonesta Select Huntington Beach
9950 Slater Road
Fountain Valley, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$819,644
24.
Sonesta ES Suites Fresno
5322 North Diana Avenue
Fresno, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$869,561
25.
Sonesta Simply Suites Anaheim
12901 Garden Grove Blvd
Garden Grove, CA
HPTMI Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$659,489
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
26.
The Sonesta Irvine
17941 Von Karman Avenue
Irvine, CA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$2,968,230
27.
Sonesta Simply Suites
Orange County Spectrum Ctr
16150 Sand Canyon Avenue
Irvine, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$656,593
28.
Sonesta Select Laguna Hills
23175 Avenida de la Carlota
Laguna Hills, CA
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,063,153
29.
Sonesta Simply Suites
Orange County Irvine
3 South Pointe Drive
Lake Forest, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$751,813
30.
Sonesta Los Angeles Airport
5985 West Century Boulevard
Los Angeles, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$3,020,831
31.
Sonesta Silicon Valley
1820 Barber Lane
Milpitas, CA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$3,936,551
32.
Sonesta San Jose
777 Bellew Drive
Milpitas, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$2,636,056
33.
Sonesta Select Pleasant Hill
2250 Contra Costa Boulevard
Pleasant Hill, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,077,923
34
Sonesta Redondo Beach & Marina
300 North Harbor Drive
Redondo Beach, CA
HPTMI
Properties Trust
SVC Redondo Beach TRS LLC
Sonesta
Redondo Beach LLC		Full$4,524,631
35.
Sonesta ES Suites
San Francisco Airport
1350 Huntington Avenue
San Bruno, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,028,376
36.
Sonesta ES Suites San Diego
11855 Avenue of Industry
San Diego, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,206,251
37.
Sonesta ES Suites
San Diego - Mira Mesa
6639 Mira Mesa Boulevard
San Diego, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,442,282
38.
Sonesta ES Suites Carmel Mountain
11002 Rancho Carmel Drive
San Diego, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$908,779
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
39.
Sonesta ES Suites San Jose Airport
1602 Crane Court
San Jose, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,814,023
40.
The Clift Royal Sonesta Hotel
495 Geary Street
San Francisco, CA
HPT Geary Properties TrustHPT Clift TRS LLCSonesta Clift LLCFull$12,012,805
41.
Sonesta Select San Jose Airport
1727 Technology Drive
San Jose, CA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,292,255
42.
Sonesta Select San Ramon
18090 San Ramon Valley Boulevard
San Ramon, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,165,448
43.
Sonesta Simply Suites Orange County Airport
2600 South Red Hill Avenue
Santa Ana, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$756,179
44.
Sonesta Simply Suites -Silicon Valley Santa Clara
481 El Camino Real
Santa Clara, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$747,490
45.
Sonesta Select San Francisco Airport Oyster Point
1300 Veterans Boulevard
South San Francisco, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$2,771,746
46.
Sonesta ES Suites
San Francisco Airport Oyster Point
1350 Veterans Boulevard
South San Francisco, CA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$2,230,849
47.
Sonesta ES Suites Sunnyvale
900 Hamlin Court
Sunnyvale, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$2,212,462
48.
Sonesta ES Suites Torrance Redondo Beach
19901 Prairie Ave
Torrance, CA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,350,567
49.
Sonesta Select Los Angeles Torrance
1925 West 190th Street
Torrance, CA
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$928,129
50.
Sonesta ES Suites Colorado Springs
3880 North Academy Boulevard
Colorado Springs, CO
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$569,050
51.
Sonesta Denver
1450 Glenarm Place
Denver, CO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$5,377,582
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
52.
Sonesta Simply Suites
Denver Federal Center
895 Tabor Street
Lakewood, CO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$689,165
53.
Sonesta ES Suites Denver South
7820 Park Meadows Drive
Lonetree, CO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$968,481
54.
Royal Sonesta Washington DC
2121 P Street NW
Washington, DC
HPT IHG-3 Properties LLCHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$7,941,910
55.
Sonesta ES Suites Wilmington - Newark
240 Chapman Road
Newark, DE
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$797,556
56.
Sonesta Select Boca Raton
2000 NW Executive Center Cir.
Boca Raton, FL
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,181,308
57.
Sonesta Simply Suites Clearwater
13231 49th Street North
Clearwater, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$458,051
58.
Sonesta Fort Lauderdale
999 N. Fort Lauderdale Beach Boulevard
Fort Lauderdale, FL
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$3,575,671
59.
Sonesta ES Suites Fort Lauderdale Plantation
410 North Pine Island Road
Fort Lauderdale, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,229,241
60.
Sonesta Simply Suites Jacksonville
4990 Belfort Road
Jacksonville, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$665,086
61.
Sonesta Simply Suites Miami Airport
8855 NW 27th Street
Miami, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$717,617
62.
Sonesta Miami Airport
950 NW LeJeune Road
Miami, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$1,751,357
63.
Nautilus Sonesta Miami Beach
1825 Collins Avenue
Miami Beach, FL
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$13,232,000
64.
Sonesta Select Miami Lakes
15700 NW 77th Court
Miami Lakes, FL
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,129,331
65.
Sonesta ES Suites Orlando
8480 International Drive
Orlando, FL
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$1,775,539
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
66.
Sonesta ES Suites Lake Buena Vista
8751 Suiteside Drive
Orlando, FL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,991,484
67.
Sonesta ES Suites
Alpharetta North Point
3980 North Point Parkway
Alpharetta, GA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$862,787
68.
Sonesta ES Suites Atlanta North Point Mall
1325 North Point Drive
Alpharetta, GA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,004,808
69.
Sonesta ES Suites Atlanta Alpharetta Windward
5465 Windward Parkway
Alpharetta, GA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,290,217
70.
Sonesta Atlanta Airport South
4669 Airport Boulevard
Atlanta, GA
HPT IHG GA Properties LLCHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$1,389,773
71.
Sonesta ES Suites Atlanta
760 Mount Vernon Highway
Atlanta, GA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$828,946
72.
Sonesta Atlanta Northwest Galleria
6345 Powers Ferry Road NW
Atlanta, GA
HPT IHG-3 Properties LLCCambridge TRS, Inc.Sonesta International Hotels CorporationFull$1,244,625
73.
Sonesta Atlanta Airport North
1325 Virginia Avenue
Atlanta, GA
HPT IHG-3 Properties LLCHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$3,646,276
74.
Sonesta Select Atlanta Midtown
1132 Techwood Drive NW
Atlanta, GA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,051,856
75.
Sonesta Select Atlanta Cumberland
3000 Cumberland Boulevard SE
Atlanta, GA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,212,138
76.
Sonesta Simply Suites Atlanta
3665 Shackleford Road
Duluth, GA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$611,241
77.
Sonesta ES Suites Atlanta – Perimeter Center
4601 Ridgeview Road
Dunwoody, GA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,097,043
78.
Sonesta Select Atlanta Airport
3399 International Boulevard
Hapeville, GA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,122,876
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
79.
Sonesta ES Suites Atlanta Kennesaw Town Center
3443 Busbee Drive NW
Kennesaw, GA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$889,832
80.
Royal Sonesta Kauai Resort
3160 Rice Street
Lihue-Kauai, HI
HPTMI Hawaii, Inc.HPT TRS MRP, Inc.Sonesta International Hotels CorporationFull$6,819,282
81.
Sonesta Simply Suites Des Moines
7625 Office Plaza Drive North
Des Moines, IA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$552,134
82.
Sonesta ES Suites Chicago Downtown
201 East Walton Place
Chicago, IL
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta Walton Place LLCSelect$2,750,402
83.
Royal Sonesta Chicago River North 505 North State Street
Chicago, IL
HPT IHG
Chicago Property LLC
HPT State Street TRS LLCSonesta State Street LLCFull$3,108,330
84.
Royal Sonesta Chicago Downtown
71 East Wacker Drive
Chicago, IL
HPT IHG-2
Properties Trust
HPT Wacker Drive
TRS LLC
Sonesta Chicago LLCFull$5,886,331
85.
The Allegro Royal Sonesta Chicago Loop
171 West Randolph Street
Chicago, IL
HPT IHG-3
Properties LLC
SVC Randolph Street TRS LLC
Sonesta Randolph Street
LLC
Full$5,070,314
86.
Sonesta Simply Suites Chicago Libertyville
1100 N US Route 45
Libertyville, IL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$603,876
87.
Sonesta Chicago O’Hare Airport
10233 West Higgins Road
Rosemont, IL
HPT IHG-3 Properties LLCSVC Higgins Road TRS LLCSonesta Higgins Road LLCFull$2,370,717
88.
Sonesta Simply Suites Chicago O’Hare
4021 North Mannheim Road
Schiller Park, IL
HPT IHG-2 Properties TrustSVC Mannheim Road TRS LLCSonesta Mannheim Road LLCSelect$1,155,587
89.
Sonesta Simply Suites Chicago Naperville
27 West 300 Warrenville Road
Warrenville, IL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$682,980
90.
Sonesta Simply Suites Chicago Waukegan
1151 South Waukegan Road
Waukegan, IL
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$569,939
91.
Sonesta ES Suites Chicago Waukegan
1440 South White Oak Drive
Waukegan, IL
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,187,933
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
92.
Sonesta Select Indianapolis
37 W 103rd Street
Indianapolis, IN
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$819,761
93.
Sonesta ES Suites Baton Rouge
4001 Nicholson Drive
Baton Rouge, LA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,022,368
94.
Royal Sonesta New Orleans
300 Bourbon Street
New Orleans, Louisiana
Royal Sonesta, Inc.Cambridge TRS, Inc.Sonesta International Hotels CorporationFull$14,173,842
95.
Sonesta ES Suites New Orleans Convention Center
345 St. Joseph Street
New Orleans, LA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$2,374,815
96.
Sonesta ES Suites Andover
4 Technology Drive
Andover, MA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$1,364,112
97.
Sonesta Simply Suites Boston Braintree
235 Wood Road
Braintree, MA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$947,092
98.
Sonesta Simply Suites Boston Burlington
130 Middlesex Turnpike
Burlington, MA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$932,472
99.
Royal Sonesta Cambridge
40 Edwin H. Land Boulevard
Cambridge, MA
HPT Cambridge LLCCambridge TRS, Inc.Sonesta International Hotels CorporationFull$10,372,038
100.
Sonesta Select Boston Danvers
275 Independence Way
Danvers, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$757,321
101.
Sonesta Select Boston Foxborough
35 Foxborough Boulevard
Foxborough, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$991,318
102.
Sonesta Select Boston Lowell
30 Industrial Avenue East
Lowell, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$475,567
103.
Sonesta Select Boston Milford
10 Fortune Boulevard
Milford, MA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$801,973
104.
Sonesta ES Suites Annapolis
170 Admiral Cochrane Drive
Annapolis, MD
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,157,192
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
105.
Royal Sonesta Harbor Court Baltimore
550 Light Street
Baltimore, MD
Harbor Court Associates, LLCCambridge TRS, Inc.Sonesta International Hotels CorporationFull$1,535,473
106.
Sonesta Select Columbia
8910 Stanford Boulevard
Columbia, MD
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,238,257
107.
Sonesta Simply Suites Baltimore BWI Airport
1247 Winterson Road
Linthicum Heights, MD
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$816,195
108.
Sonesta ES Suites Baltimore BWI Airport
1160 Winterson Road
Linthicum Heights, MD
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$985,252
109.
Sonesta Simply Suites Detroit Ann Arbor
701 Waymarket Way
Ann Arbor, MI
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$592,929
110.
Sonesta Select Detroit Auburn Hills
2550 Aimee Lane
Auburn Hills, MI
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$629,041
111.
Sonesta Simply Suites Detroit Novi
42600 Eleven Mile Road
Novi, MI
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$738,445
112.
Sonesta Select Detroit Novi
42700 Eleven Mile Road
Novi, MI
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,084,392
113.
Sonesta Simply Suites Detroit Troy
2550 Troy Center Drive
Troy, MI
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$589,217
114.
Sonesta Simply Suites Detroit Warren
7010 Convention Boulevard
Warren, MI
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$721,001
115.
Sonesta ES Suites Detroit Warren
30120 North Civic Center Blvd.
Warren, MI
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$764,178
116.
Sonesta Select Minneapolis
11391 Viking Drive
Eden Prairie, MN
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$855,310
117.
Sonesta Simply Suites Minneapolis Richfield
351 West 77th Street
Minneapolis, MN
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$863,545
118.
Royal Sonesta Minneapolis
35-45 South Seventh Street
Minneapolis, MN
HPTWN Properties TrustSVC Minneapolis TRS LLCSonesta Minneapolis LLCFull$4,330,782
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
119.
Sonesta Simply Suites St. Louis Earth City
3250 Rider Trail South
Earth City, MO
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$548,958
120.
Sonesta Select Kansas City South
500 East 105th Street
Kansas City, MO
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,017,017
121.
Sonesta Select Kansas City Airport
7901 NW Tiffany Springs Parkway
Kansas City, MO
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$939,093
122.
Royal Sonesta Chase Park Plaza
212-232 N. Kingshighway Boulevard
St. Louis, MO
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$5,390,511
123.
Sonesta ES Suites Raleigh Cary
2900 Regency Parkway
Cary, NC
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$971,506
124.
Sonesta ES Suites Charlotte
7925 Forest Pine Drive
Charlotte, NC
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$807,446
125.
Sonesta Charlotte
5700 Westpark Drive
Charlotte, NC
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$2,563,701
126.
Sonesta Simply Suites Charlotte University
8812 University East Drive
Charlotte, NC
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$686,351
127.
Sonesta Select Charlotte University
333 West WT Harris Boulevard
Charlotte, NC
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$771,042
128.
Sonesta Select Raleigh Durham Airport
2001 Hospitality Court
Morrisville, NC
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,116,037
129.
Sonesta ES Suites Raleigh Durham Airport
2020 Hospitality Court
Morrisville, NC
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,127,515
130.
Sonesta Simply Suites Jersey City
21 2nd Street
Jersey City, NJ
HPT IHG-2 Properties TrustSVC Jersey City TRS LLCSonesta Jersey City LLCSelect$2,112,534
131.
Sonesta Simply Suites Parsippany Morris Plains
100 Candlewood Drive
Morris Plains, NJ
HPT IHG-2 Properties TrustSVC Morris Plains TRS LLCSonesta Morris Plains LLCSelect$760,144
132.
Sonesta ES Suites Parsippany Morris Plains
3 Gatehall Drive
Parsippany, NJ
HPTMI Properties TrustSVC Gatehall Drive TRS LLCSonesta Gatehall Drive LLCSelect$1,365,932
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
133.
Sonesta ES Suites Princeton
4375 US Route 1 South
Princeton, NJ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$855,402
134.
Sonesta ES Suites Somerset
260 Davidson Avenue
Somerset, NJ
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$1,026,439
135.
Sonesta Select Tinton Falls
600 Hope Road
Tinton Falls, NJ
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$647,308
136.
Sonesta Select Whippany
157 Route 10 East
Whippany, NJ
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta Whippany LLCSelect$1,334,969
137.
Sonesta Simply Suites Albuquerque
3025 Menaul Boulevard NE
Albuquerque, NM
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$727,292
138.
Sonesta ES Suites Albuquerque
3300 Prospect Avenue, NE
Albuquerque, NM
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,372,978
139.
Sonesta Simply Suites Las Vegas
4034 South Paradise Road
Las Vegas, NV
HPTMI Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,806,857
140.
Sonesta Select Las Vegas
1901 North Rainbow Boulevard
Las Vegas, NV
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,207,017
141.
Sonesta ES Suites Reno
9845 Gateway Drive
Reno, NV
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$800,347
142.
Sonesta White Plains
66 Hale Avenue
White Plains, NY
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta White Plains LLCFull$5,097,740
143.
Sonesta ES Suites Cincinnati - Blue Ash
11401 Reed Hartman Highway
Blue Ash, OH
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationSelect$856,574
144.
Sonesta Columbus
33 East Nationwide Boulevard
Columbus, OH
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$3,796,139
145.
Sonesta Simply Suites Columbus Airport
590 Taylor Road
Gahanna, OH
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$540,329
146.
Sonesta Simply Suites Cleveland North Olmstead
24741 Country Club Boulevard
North Olmstead, OH
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$639,542
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
147.
Sonesta Simply Suites Oklahoma City Airport
4400 River Park Drive
Oklahoma City, OK
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$555,099
148.
Sonesta ES Suites Toronto
355 South Park Road
Toronto, ON
HPT IHG Canada Properties TrustHPT TRS IHG-2, Inc.Sonesta Canada ULCSelect$1,107,994
149.
The Yorkville Royal Sonesta Hotel
220 Bloor Street
Toronto, ON
HPT IHG Canada Properties TrustHPT TRS IHG-2, Inc.Sonesta Toronto ULCFull$2,584,900
150.
Royal Sonesta Portland
506 SW Washington Street
Portland, OR
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$6,401,205
151.
Sonesta Select Allentown Bethlehem
2160 Motel Drive
Allentown, PA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$798,984
152.
Sonesta ES Suites Allentown Bethlehem
2180 Motel Drive
Bethlehem, PA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$894,794
153.
Sonesta Hotel Philadelphia
1800 Market Street
Philadelphia, PA
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$4,254,250
154.
Sonesta Select Philadelphia Airport
8900 Bartram Avenue
Philadelphia, PA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$919,883
155.
Sonesta Simply Suites Pittsburgh Airport
100 Chauvet Drive
Pittsburgh, PA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$712,395
156.
Royal Sonesta San Juan
5961 Isla Verde Avenue
Carolina PR
HPT IHG PR, Inc.SVC San Juan TRS LLCSonesta San Juan LLCFull$5,646,494
157.
Sonesta Select Newport Middletown
9 Commerce Drive
Middletown, RI
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,155,583
158.
Sonesta Hilton Head
130 Shipyard Drive
Hilton Head, SC
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$4,013,582
159.
Sonesta Simply Suites Nashville Brentwood
5129 Virginia Way
Brentwood, TN
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$695,825
160.
Sonesta ES Suites Nashville Brentwood
206 Ward Circle
Brentwood, TN
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$957,088
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
161.
Sonesta Select Chattanooga
2210 Bams Drive
Chattanooga, TN
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$980,795
162.
Sonesta Select Nashville Airport Suites
1100 Airport Center Drive
Nashville, TN
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,109,053
163.
Sonesta Nashville Airport
600 Marriott Drive
Nashville, TN
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationFull$3,460,637
164.
Sonesta Simply Suites Arlington
2221 Brookhollow Plaza Drive
Arlington, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$563,383
165.
Sonesta ES Suites Austin Arboretum
10201 Stonelake Boulevard
Austin, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$943,484
166.
Sonesta Simply Suites Austin South
4320 IH 35 Frontage Road
Austin, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$772,447
167.
The Stephen F. Austin Royal Sonesta Hotel
701 Congress Avenue
Austin, TX
HPTMI Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$3,482,093
168.
Sonesta Simply Suites Austin Arboretum
9701 Stonelake Boulevard
Austin, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$810,144
169.
Sonesta Simply Suites Dallas Galleria
13939 Noel Road
Dallas, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$668,142
170.
Sonesta ES Suites Dallas Market Center
6950 North Stemmons Freeway
Dallas, TX
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,523,544
171.
Sonesta Select Dallas Central Expressway
10325 North Central Expressway
Dallas, TX
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,030,411
172.
Sonesta ES Suites Fort Worth
5801 Sandshell Drive
Fort Worth, TX
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$842,524
173.
Royal Sonesta Houston Hotel
2222 West Loop South
Houston, TX
HPT IHG-2 Properties TrustCambridge TRS, Inc.Sonesta International Hotels CorporationFull$2,661,267
174.
Sonesta Simply Suites Houston Clear Lake
2737 Bay Area Boulevard
Houston, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$617,912
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
175.
Sonesta Simply Suites Houston City Centre
10503 Town & Country Way
Houston, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$698,885
176.
Sonesta ES Suites Dallas Las Colinas
1201 Executive Circle
Irving, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$677,116
177.
Sonesta Simply Suites Dallas Las Colinas
5300 Green Park Drive
Irving, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$771,076
178.
Sonesta Simply Suites Plano
4701 Legacy Drive
Plano, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$624,614
179.
Sonesta ES Suites San Antonio Northwest
4320 Spectrum One
San Antonio, TX
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$899,236
180.
Sonesta ES Suites San Antonio
425 Bonham Street
San Antonio, TX
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,721,512
181.
Sonesta Simply Suites Salt Lake City Airport
2170 West North Temple
Salt Lake City, UT
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$644,599
182.
Sonesta Select Arlington
1533 Clarendon Boulevard
Arlington, VA
HPTCY Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,674,832
183.
Sonesta ES Suites Charlottesville
1111 Millmont Street
Charlottesville, VA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$754,625
184.
Sonesta ES Suites Fairfax
12815 Fairlakes Parkway
Fairfax, VA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$911,553
185.
Sonesta Simply Suites Falls Church
205 Hillwood Avenue
Falls Church, VA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$908,726
186.
Sonesta Simply Suites Hampton
401 Butler Farm Road
Hampton, VA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$572,318
187.
Sonesta ES Suites Dulles Airport
13700 Coppermine Road
Herndon, VA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$1,365,831
188.
Sonesta Select Seattle Belleview
14615 NE 29th Place
Bellevue, WA
Service Properties TrustHPT CY TRS, Inc.Sonesta International Hotels CorporationSelect$1,185,209
    

Trade Name and
Street Address
LandlordOwnerManager
Service
Level
Initial
Owner’s Priority
189.
Sonesta Select Seattle Renton
200 SW 19th Street
Renton, WA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$914,364
190.
Sonesta Simply Suites Seattle Renton
300 SW 19th Street
Renton, WA
HPTMI Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$1,206,992
191.
The Alexis Royal Sonesta Hotel
1007 First Avenue
Seattle, WA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationFull$4,569,285
192.
Sonesta ES Suites Vancouver - Portland West
7301 NE 41st Street
Vancouver, WA
HPT IHG-2 Properties TrustHPT TRS IHG-2, Inc.Sonesta International Hotels CorporationSelect$976,487
193.
Sonesta ES Suites Charleston
200 Hotel Circle
Charleston, WV
HPT IHG-2 Properties TrustHPT TRS MRP, Inc.Sonesta International Hotels CorporationSelect$779,051

    

SCHEDULE 2

LEASES

1.Amended, Restated and Consolidated Master Lease Agreement, dated as of January 1, 2011, between HPTMI Properties Trust, as landlord, and HPT TRS MRP, Inc. as tenant, as amended.

2.Amended and Restated Lease Agreement, dated as of January 1, 2012, between John G. Murray, as Trustee of HPT CW MA Realty Trust, HPT IHG Canada Properties Trust, HPT IHG GA Properties LLC, HPT IHG-2 Properties Trust and HPT IHG-3 Properties LLC, as landlord, HPT IHG Canada Corporation, a New Brunswick corporation, as Canadian agent, and HPT TRS IHG-2, Inc., as tenant, as amended.

3.Master Lease Agreement, dated as of December 31, 2012, between Service Properties Trust and HPTCY Properties Trust, as landlord, and HPT CY TRS, Inc., as tenant, as amended.

4.Lease Agreement, dated as of December 31, 2019 but to become effective as of January 1, 2020, between HPTMI Hawaii, Inc., as landlord, and HPT TRS MRP, Inc., as tenant.

5.Lease Agreement, dated as of February 27, 2020, among Harbor Court Associates, LLC, HPT Cambridge LLC, HPT IHG-2 Properties Trust, HPT IHG-3 Properties LLC, HPTMI Properties Trust, and Royal Sonesta, Inc., as landlord, and Cambridge TRS, Inc., as tenant, as amended.

6.Master Lease Agreement, dated as of September 25, 2020, between HPT IHG-3 Properties LLC and Cambridge TRS, Inc.

7.Lease Agreement, dated as of June 1, 2021, between HPT Suite Properties Trust and Cambridge TRS, Inc., as amended.















































    



SCHEDULE 3

PRIOR MANAGEMENT AGREEMENTS

1.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta International Hotels Corporation (“Sonesta”) and Cambridge TRS, Inc. (“Cambridge TRS”). [Sonesta ES Suites Flagstaff]

2.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Suites Scottsdale]

3.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Tucson]

4.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [The Sonesta Irvine]

5.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Silicon Valley]

6.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Colorado Springs]

7.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Wilmington - Newark]

8.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Fort Lauderdale]

9.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Orlando]

10.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Atlanta]

11.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Andover]

12.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Royal Sonesta Harbor Court Baltimore]

13.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Royal Sonesta Chase Park Plaza]

14.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Charlotte]

15.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Princeton]

16.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Charlotte]

17.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Somerset]

18.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta ES Suites Cincinnati – Blue Ash]

19.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Hotel Philadelphia]

20.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Sonesta Hilton Head]

21.Amended and Restated Management Agreement, dated as of February 27, 2020, between Sonesta and Cambridge TRS. [Royal Sonesta Houston Hotel]

22.Master Management Agreement, dated as of September 25, 2020, between Sonesta and Cambridge. [Converted Wyndham Hotels]

23.Master Management Agreement, executed on November 25, 2020 but effective as of December 1, 2020, between Sonesta and HPT TRS IHG-2, Inc. [Converted IHG Hotels]

24.Master Management Agreement, dated as of December 15, 2020, between Sonesta and HPT TRS MRP, Inc. [Converted Marriott Hotels]

25.Master Management Agreement, dated as of December 15, 2020, between Sonesta and HPT CY TRS, Inc. [Converted Marriott Courtyard Hotels]

26.Master Management Agreement, dated as of June 2, 2021, between Sonesta and Cambridge TRS. [Converted Hyatt Hotels]





    





SCHEDULE 4

RESTRICTED TRADE AREAS

Schedule 4.1:    Sonesta Irvine (Irvine, California)
Schedule 4.2:    Sonesta San Jose (Milpitas, California)
Schedule 4.3:    Sonesta Denver (Denver, Colorado)
Schedule 4.4:    Royal Sonesta Washington DC (Washington, District of Columbia)
Schedule 4.5:    The Harbor Court Royal Sonesta (Baltimore, Maryland)
Schedule 4.6:    Royal Sonesta Chase Park Plaza (St. Louis, Missouri)
Schedule 4.7:    Sonesta Columbus (Columbus, Ohio)
Schedule 4.8:    Royal Sonesta Portland (Portland, Oregon)
Schedule 4.9:    Stephen F. Austin Royal Sonesta, Austin (Austin, Texas)
Schedule 4.10:    Sonesta Philadelphia (Philadelphia, Pennsylvania)
Schedule 4.11:    Royal Sonesta Seattle (Seattle, Washington)
Schedule 4.12:    Nautilus Sonesta Miami Beach (Miami Beach, Florida)
    

SCHEDULE 4.1

RESTRICTED TRADE AREA SONESTA IRVINE

(See attached)


    

SCHEDULE 4.2

RESTRICTED TRADE AREA SONESTA SAN JOSE

(See attached)



    


SCHEDULE 4.3

RESTRICTED TRADE AREA SONESTA DENVER

(See attached)



    


SCHEDULE 4.4

RESTRICTED TRADE AREA ROYAL SONESTA WASHINGTON DC

(See attached)



    


SCHEDULE 4.5

RESTRICTED TRADE AREA
THE HARBOR COURT ROYAL SONESTA

(See attached)



    


SCHEDULE 4.6

RESTRICTED TRADE AREA ROYAL SONESTA CHASE PARK PLAZA

(See attached)



    


SCHEDULE 4.7

RESTRICTED TRADE AREA SONESTA COLUMBUS

(See attached)



    


SCHEDULE 4.8

RESTRICTED TRADE AREA ROYAL SONESTA PORTLAND

(See attached)



    


SCHEDULE 4.9

RESTRICTED TRADE AREA STEPHEN F. AUSTIN ROYAL SONESTA

(See attached)



    


SCHEDULE 4.10

RESTRICTED TRADE AREA SONESTA PHILADELPHIA

(See attached)



    


SCHEDULE 4.11

RESTRICTED TRADE AREA ROYAL SONESTA SEATTLE

(See attached)

    

SCHEDULE 4.12

RESTRICTED TRADE AREA
NAUTILUS SONESTA MIAMI BEACH

(See attached)

Exhibit 22.1

List of Subsidiary Guarantors

The following subsidiaries of Service Properties Trust, a Maryland real estate investment trust (the “Trust”), jointly and severally and fully and unconditionally, guaranteed the Trust’s 5.50% Senior Notes due 2027, the Trust’s 8.375% Senior Guaranteed Unsecured Notes due 2029 and the Trust’s 8.875% Senior Guaranteed Unsecured Notes due 2032:


Exact Name of Subsidiary GuarantorJurisdiction
Cambridge TRS, Inc.Maryland
Harbor Court Associates, LLCMaryland
Highway Ventures Borrower LLCDelaware
Highway Ventures LLCDelaware
Highway Ventures Properties LLCMaryland
Highway Ventures Properties TrustMaryland
HPT Clift TRS LLCMaryland
HPT CW MA Realty LLCMaryland
HPT CW MA Realty TrustMassachusetts
HPT CY TRS, Inc.Maryland
HPT Geary ABC Holdings LLCMaryland
HPT Geary Properties TrustMaryland
HPT IHG Chicago Property LLCMaryland
HPT IHG GA Properties LLCMaryland
HPT IHG-2 Properties TrustMaryland
HPT IHG-3 Properties LLCMaryland
HPT SN Holding, Inc.New York
HPT State Street TRS LLCMaryland
HPT TA Properties LLCMaryland
HPT TA Properties TrustMaryland
HPT TRS IHG-2, Inc.Maryland
HPT TRS Inc.Maryland
HPT TRS MRP, Inc.Maryland
HPT TRS SPES II, Inc.Maryland
HPT TRS WYN, Inc.Maryland
HPT Wacker Drive TRS LLCMaryland
HPTCY Properties TrustMaryland
HPTWN Properties TrustMaryland
SVC Gatehall Drive TRS LLCMaryland
SVC Higgins Road TRS LLCMaryland
SVC Holdings LLCMaryland
SVC Jersey City TRS LLCMaryland
SVC Mannheim Road TRS LLCMaryland
SVC Minneapolis TRS LLCMaryland
SVC Morris Plains TRS LLCMaryland
SVC Nanuet TRS LLCMaryland
SVC NJ TRS LLCMaryland
SVC Randolph Street TRS LLCMaryland
SVC Redondo Beach TRS LLCMaryland
SVCN 1 LLCDelaware
SVCN 2 LLCDelaware
SVCN 3 LLCDelaware
SVCN 4 LLCDelaware
SVCN 5 LLCDelaware

Exhibit 31.1
CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)
I, Todd W. Hargreaves, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Service Properties Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 6, 2024
/s/ Todd W. Hargreaves
Todd W. Hargreaves
President and Chief Investment Officer

Exhibit 31.2
CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a) 
I, Brian E. Donley, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Service Properties Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 6, 2024
/s/ Brian E. Donley
Brian E. Donley
Chief Financial Officer and Treasurer

Exhibit 31.3
CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)
I, Adam D. Portnoy, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Service Properties Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 6, 2024
/s/ Adam D. Portnoy
Adam D. Portnoy
Managing Trustee

Exhibit 31.4
CERTIFICATION PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a)
I, John G. Murray, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Service Properties Trust;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 6, 2024
/s/ John G. Murray
John G. Murray
Managing Trustee

Exhibit 32.1
Certification Pursuant to 18 U.S.C. Sec. 1350
_______________________________________________
In connection with the filing by Service Properties Trust (the “Company”) of the Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Report”), each of the undersigned hereby certifies, to the best of his knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Adam D. Portnoy
/s/ John G. Murray
Adam D. Portnoy
John G. Murray
Managing Trustee
Managing Trustee
/s/ Todd W. Hargreaves
/s/ Brian E. Donley
Todd W. Hargreaves
Brian E. Donley
President and Chief Investment Officer
Chief Financial Officer and Treasurer
Date: August 6, 2024