Service Properties Trust's Selling Spree
Skift Take
Service Properties Trust sold three hotels with a total of 413 keys located in three states for a combined sales price of $26.5 million.
The DJIA fell 174 points while the Nasdaq was down 113, the S&P 500 fell 33 points, and the 10-year treasury yield was up .06 to 4.17%. Lodging stocks were lower.
STR reported U.S. lodging data for the week ended 9/20. U.S. hotel RevPAR was down 1.4% for the week, with both ADR and occupancy modestly lower year over year. Group RevPAR was down 0.9%.
Sunstone Hotel Investors entered into a third amended and restated credit agreement that has a total borrowing capacity of $1.35 billion. The expanded facilities address all of SHO’s maturities through 2028, extend its average maturity by over three years, and lower its cost of borrowing.
KSL Capital Partners has acquired The Westin Hilton Head Island Resort & Spa through its Tactical Opportunities Fund. Located on a stretch of South Carolina’s Atlantic coastline, the resort features 420 refreshed gues
