Deals

Service Properties Trust to End Marriott Pacts, Sell Hotels

REIT looks to trim expenses with pandemic hitting travel
Branding, management of properties will be transferred

Marriott To Surpass Hilton As Starwood Merger Deal Expected Midyear — Photographer: T.J. Kirkpatrick/Bloomberg

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By Gillian Tan and Patrick Clark

October 6, 2020 at 9:31 PM UTC

Updated on

October 7, 2020 at 2:12 PM UTC

This article is for subscribers only.

Service Properties Trust is moving to cancel management contracts with Marriott International Inc. covering 122 hotels and is selling two dozen of the properties for $153 million.

The Newton, Massachusetts-based real estate investment trust is also set to transfer branding and management of 98 Marriott-branded hotels to Sonesta International Hotels Corp. after Marriott missed payments due Monday.