- U.S. REIT Service Properties Trust ( NASDAQ: SVC ) on Wednesday said it would sell 16 Marriott ( MAR ) branded hotels for $137.3M, with the transaction expected to close in Q4.
- SVC stock -1.6% to $5.40 in aftermarket trading.
- SVC also said that it had sold 61 of 68 Sonesta branded hotels under a previously announced deal for total proceeds of $523.1M.
- The company said it had entered into agreements to sell six of the remaining seven Sonesta branded hotels for $34.2M, with the six sales expected to close during Q3 and Q4.
- SVC said it continued to market the final remaining Sonesta branded hotel.
- "SVC expects to use the net proceeds of these transactions for general corporate purposes, including, but not limited to, the repayment of debt," the REIT said in a statement .
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Service Properties Trust to sell 16 Marriott branded hotels for $137.3M