Service Properties Trust provided an updated investor presentation in March 2025, detailing an expanded hotel disposition plan. The company is now marketing 123 hotels for sale, totaling 16,426 rooms, with estimated proceeds of approximately $1.1 billion.
The implied adjusted EBITDA multiple for these sales is approximately 17.2x, indicating strong buyer interest and valuation for the assets being divested. This updated plan reflects an increase in the number of hotels targeted for sale from previous announcements.
The presentation also offered a detailed performance comparison for the last twelve months ending December 31, 2024. Retained hotels, comprising 83 properties, achieved an occupancy of 62.5% and RevPAR of $107.38, generating Hotel EBITDA of $149.8 million. In contrast, the 123 exit hotels had an occupancy of 64.3% and RevPAR of $69.41, with Hotel EBITDA of $62.1 million, underscoring the strategic rationale for the divestitures.
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