Service Properties Trust Acquires the Kimpton Palomar Hotel in Chicago, IL
Service Properties Trust - Shares of Beneficial Interest (SVC)
Last service properties trust - shares of beneficial interest earnings: 2/28 07:00 am
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Source: Business Wire
NEWTON, Mass.--(BUSINESS WIRE)--Service Properties Trust (Nasdaq: SVC) today announced it has completed the purchase of the 261-room Kimpton Palomar Hotel in Chicago, IL for $55.0 million, or approximately $211,000 per key. The hotel will be added to SVC’s existing agreement with Intercontinental Hotels Group.“The Hotel Palomar is ideally located near Michigan Avenue in an economically vibrant urban community in downtown Chicago,” said John Murray, Service Properties Trust’s President and Chief Executive Officer. “Built in 2010, we believe this is a quality acquisition in a major market at a price that is well below replacement cost and that will add long-term value to SVC’s portfolio.”Service Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties located in 45 states, Washington, DC, Puerto Rico and Canada. SVC's properties are operated under long term management or lease ag
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News
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- Service Properties Trust (NASDAQ: SVC) had its price target lowered by analysts at Wells Fargo & Company from $7.50 to $5.75. They now have an "underweight" rating on the stock.MarketBeat
- Service Properties Trust (NASDAQ: SVC) had its price target lowered by analysts at B. Riley from $12.00 to $10.00. They now have a "buy" rating on the stock.MarketBeat
SVC
Earnings
- 2/28/24 - Miss
SVC
Sec Filings
- 4/4/24 - Form POSASR
- 4/3/24 - Form DEFA14A
- 4/3/24 - Form DEF
- SVC's page on the SEC website