Hospitality Properties Trust

What Hospitality Properties Trust does

Service Properties Trust (Nasdaq: SVC), formerly Hospitality Properties Trust (HPT), is a Maryland-domiciled real estate investment trust founded in 1995 and rebranded in 2026. The company owns and leases two distinct asset categories: a portfolio of 761 service-focused retail net lease properties encompassing over 13.6 million square feet, and 93 hotels with more than 21,000 guest rooms across the United States, Puerto Rico, and Canada. The net lease assets include travel centers on or near interstate highways as well as other service-oriented retail concepts, while the hotel portfolio spans midscale to upscale full-service and extended-stay properties concentrated in urban and high-density suburban markets. As of March 31, 2026, SVC had approximately $9.9-$10 billion invested across these categories, with 189 tenants/operators, 149 brands, and 22 industries represented, and the company also holds a 34% equity stake in Sonesta Holdco Corporation.

SVC is externally managed by The RMR Group (Nasdaq: RMR), an alternative asset manager with approximately $37 billion in AUM and 40 years of institutional experience, providing acquisition, financing, and operating oversight in lieu of an internal management team. Revenue is generated primarily through rental income from net lease agreements (long-duration contractual cash flows from creditworthy tenants such as TravelCenters of America) and hotel-level operating income through management agreements with brand operators including Sonesta International, Hyatt, and Radisson. SVC pays quarterly cash distributions to shareholders (currently $0.05 per share, or $0.20 annualized, post the July 2026 reverse split) and accesses public capital markets for both debt and equity financing.

The company has recently undergone a significant capital restructuring, completing a $745 million asset-backed securitization of net lease mortgage notes in February 2026, a $500 million underwritten public equity offering in March 2026, redemption of $550 million of 2027-maturing senior notes, and a five-for-one reverse share split effective July 6, 2026. The hotel portfolio was simultaneously reduced from approximately 160 hotels (29,000+ keys) in Q3 2025 to 93 hotels (21,000+ keys) in Q1 2026, indicating a strategic pivot toward the more defensive net lease segment. Leadership comprises President and CEO Christopher Bilotto, CFO and Treasurer Brian Donley, and Vice President Jesse Abair, with Kevin Barry serving as Senior Director of Investor Relations.

Name

Hospitality Properties Trust

Legal name

Service Properties Trust

Website

https://svcreit.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Service Properties Trust (Nasdaq: SVC) is a publicly traded REIT owning 761 service-focused retail net lease properties and 93 hotels (~21,000 keys) across the US, Puerto Rico, and Canada, externally managed by The RMR Group and serving institutional and retail income investors.

Ownership category

akta.pro rank

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others, Marketing or Sales

Revenue model

1. Hotel Property Income: Revenue generated from hotel ownership, primarily through management agreements with operators like Sonesta International, Hyatt, and Radisson. Hotels are typically located in urban or high-density suburban areas convenient for business travelers, ranging from midscale to upscale select service and extended stay to luxury full service properties.
2. Net Lease Property Rental Income: Rental income from 761 service-focused retail net lease properties totaling over 13.6 million square feet. Properties include travel centers located on or near interstate highways offering fuel and non-fuel products for professional truck drivers and motorists, as well as other service-oriented retail concepts.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Service Properties Trust is a publicly traded REIT that owns and leases a diversified real estate portfolio across two asset categories: 761 service-focused retail net lease properties (over 13.6 million square feet) including travel centers on interstate highways offering fuel and non-fuel products, and 93 hotels (over 21,000 guest rooms) operated by brand partners such as Sonesta International, Hyatt, and Radisson. The company generates revenue through rental income from net lease tenants and management agreements with hotel operators, distributing quarterly cash returns to shareholders.

Product overview

Service Properties Trust is a publicly traded real estate investment trust (REIT) that operates as a single unified investment platform across two asset categories: service-focused retail net lease properties and hotels. The company is externally managed by The RMR Group (Nasdaq: RMR). The net lease portfolio includes 761 service-focused properties totaling over 13.6 million square feet, while the hotel portfolio consists of 93 hotels with over 21,000 guest rooms across the United States, Puerto Rico, and Canada. The two product lines provide diversification and stability to cash flows, with hotels primarily operated by Sonesta International, Hyatt, and Radisson brands.

Differentiator

Problem solved

Functional benefit

Products and services

• Service-Focused Retail Net Lease Properties

Quantifiable outcome

• Expected annual cash interest savings of approximately $14 million from the $745M securitization refinancing
• +1 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered primary and supporting.

• TravelCenters of America Inc.primaryStrategic or Co-development Partner · 23 February 2026Major tenant under SVC's TA Lease No. 1 master lease for 34 travel center properties. These 34 properties were part of the 158 retail net lease properties contributed to the March 2026 $745 million asset-backed securitization, generating $84 million of annual minimum rents.
• The RMR GroupprimaryImplementation/ SI/ Consulting PartnerThe RMR Group (Nasdaq: RMR) serves as SVC's external manager, providing comprehensive management services including property acquisition, financing, and operations oversight. RMR is a leading U.S. alternative asset management company with over $37 billion in assets under management as of March 31, 2026, and 40 years of institutional experience in buying, selling, financing and operating commercial real estate.
• Sonesta International HotelsprimaryStrategic or Co-development PartnerSonesta International is one of the fastest growing hotel brands in the U.S. and SVC's primary hotel operator. SVC owns approximately 34% of Sonesta Holdco Corporation, aligning interests between the REIT and its primary hotel manager.
• Hyatt HotelssupportingStrategic or Co-development PartnerHotel brand operator for SVC's hospitality portfolio.
• Radisson HotelssupportingStrategic or Co-development PartnerHotel brand operator for SVC's hospitality portfolio.

Scale indicators11 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Ashford Hospitality Trust: Hotel REIT focused on full-service and select-service properties across the U.S. Comparable to SVC's hotel portfolio in scale and brand-operator model, with similarly elevated leverage and a track record of capital restructuring that makes it a useful peer for SVC's current financial profile.
• National Retail Properties: Net lease REIT focused on single-tenant retail properties. Comparable to SVC's net lease retail segment, with similar long-term lease structures and service-retail tenant focus, though smaller in scale.
• Pebblebrook Hotel Trust: Hotel REIT focused on urban and resort properties in major U.S. gateway markets. Comparable to SVC's urban-focused hotel positioning, with similar brand-affiliated operator model and exposure to business and leisure travel demand.
• RLJ Lodging Trust: Hotel REIT focused on premium-branded, focused-service and compact full-service hotels. Comparable to SVC's hotel portfolio in its emphasis on select-service properties operated by major brands across diverse U.S. markets.
• Park Hotels & Resorts: Hotel REIT spun off from Hilton in 2017, owning upper-upscale and luxury properties across the U.S. and select international markets. Comparable to SVC's hotel portfolio in scale, brand affiliation model (major hotel operators), and urban/suburban location strategy.
• Apple Hospitality REIT: Hotel REIT focused on upscale select-service and extended-stay properties operated under major brands (Marriott, Hilton, Hyatt, IHG). Closely comparable to SVC's hotel portfolio which spans midscale to upscale select-service and extended-stay under similar brand operators.
• Host Hotels & Resorts: Largest publicly traded hotel REIT in the U.S., owning luxury and upper-upscale hotel properties. Directly comparable to SVC's hotel portfolio of 93 hotels with 21,000+ rooms, though HST focuses exclusively on hotels while SVC also has a larger net lease segment.

Broad incumbents

• Realty Income: Largest publicly traded net lease REIT, with a diversified portfolio across retail, industrial, and other property types. Most directly comparable to SVC's 761-property service-focused retail net lease portfolio, though Realty Income is far larger and more diversified.
• W. P. Carey: Diversified net lease REIT with global exposure across industrial, retail, office, and specialty properties. Comparable to SVC's net lease segment in lease structure and tenant diversification philosophy, though WPC is significantly larger and more diversified.

Emerging players

• EPR Properties: Net lease REIT specializing in experiential properties (theaters, eat-and-play, attractions, education). Partially comparable to SVC's service-focused retail segment given the experiential/service orientation, though focused on different property types.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/service-properties-trust

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hospitality Properties Trust