Service Properties Trust Enters New $650 Million Credit Facility

NEWTON, Mass.–(BUSINESS WIRE)–Service Properties Trust (Nasdaq: SVC) today announced that it has entered into a new $650 million secured revolving credit facility. The maturity date of the new facility is June 29, 2027, and includes two six-month extensions at the borrower’s option. Interest paid on drawings under the new facility will be based on SOFR plus a margin ranging from 1.50% to 3.00% based on SVC’s leverage ratio as defined in the agreement and will initially be 2.50%. The new facility is secured by 69 properties (66 hotels and three net lease properties). The new facility replaces SVC’s previous $800 million revolving credit facility which had a maturity date of July 15, 2023.

Wells Fargo Securities, LLC, PNC Capital Markets, LLC, and BMO Harris Bank, N.A. are the Joint Lead Arrangers and Joint Lead Bookrunners for the credit facility. Wells Fargo Bank, N.A. is the Administrative Agent. PNC Bank, National Association and BMO Harris Bank, N.A. are the Syndication Agents. Citibank, N.A., Bank of America, N.A. and JPMorgan Chase Bank, N.A., are the Documentation Agents. Other banks participating in the facility include Morgan Stanley Bank, N.A. and UBS AG, Stamford Branch, and Goldman Sachs Bank.

Brian Donley, Chief Financial Officer of SVC, made the following statement on today’s announcement:

“We greatly appreciate the support of our bank group and their commitments to SVC. We believe this new credit facility reflects our improving operating results and demonstrated ability to refinance debt in the current challenging financing market. With nothing currently drawn, the new credit facility also provides us with greater balance sheet flexibility and capacity in the future.”

About Service Properties Trust:

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of March 31, 2023, SVC owned 220 hotels with over 37,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. As of March 31, 2023, SVC also owned 765 retail service-focused net lease properties totaling over 13.3 million square feet throughout the United States. SVC is managed by The RMR Group (Nasdaq: RMR), an alternative asset management company with over $37 billion in assets under management as of March 31, 2023 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. SVC is headquartered in Newton, MA. For more information, visit


This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon SVC’s present intent, beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond SVC’s control. For example, Mr. Donley states that the refinancing provides SVC with continued balance sheet flexibility and capacity; however, SVC’s business is subject to various risks, including risks outside its control. As a result, SVC may not realize the benefits it expects from the refinancing.

The information contained in SVC’s filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in SVC’s periodic reports, or incorporated therein, identifies other important factors that could cause differences from SVC’s forward-looking statements. SVC’s filings with the SEC are available on the SEC’s website at

You should not place undue reliance upon forward-looking statements.

Except as required by law, SVC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.


Stephen Colbert, Director, Investor Relations

(617) 231-3223