Significant Progress on Hotel Dispositions
SVC has sold 8 hotels for $46 million and is on track to complete 122 hotel sales totaling nearly 16,000 keys for gross proceeds of $966 million, marking a strategic shift towards a predominantly net lease REIT.
RevPAR Outperformance
RevPAR increased 40 basis points year-over-year, outperforming the broader industry by 90 basis points, driven by gains in both occupancy and ADR.
Robust Net Lease Portfolio
The net lease portfolio consists of 742 service-oriented retail properties with annual minimum rents of $387 million, 97% leased, with a weighted average lease term of 7.6 years.
Strong Acquisition Pipeline
SVC has acquired or entered agreements to acquire 20 net lease retail properties for $55 million, with a weighted average lease term of 15 years and an average cap rate of 7.4%.