Real Estate

Service Properties Trust To Cancel Contract With Marriott | National Real Estate Investor

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The management agreements, which were set to expire in 2035, cover a hotel portfolio that spans across 31 states. : (Bloomberg)—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. Lodging companies have been trimming expenses as the industry grapples with a collapse of travel that has left hotels largely empty.

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