Service Properties Trust (SVC): Business Model Canvas

Tauchen Sie ein in die komplexe Welt des Service Properties Trust (SVC), einem dynamischen Immobilien-Investment-Trust, der sich meisterhaft durch die komplexe Landschaft gewerblicher Immobilieninvestitionen bewegt. Mit einem ausgefeilten Geschäftsmodell, das sich über mehrere Sektoren erstreckt und strategische Partnerschaften nutzt, bietet SVC Investoren eine überzeugende Gelegenheit, ein diversifiziertes Portfolio ertragsgenerierender Immobilien zu erschließen. Von institutionellen Anlegern bis hin zu vermögenden Privatpersonen, die robuste Anlagestrategien suchen, bietet dieser Trust eine einzigartige Mischung aus professionellem Management, transparenten Anlagekanälen und Potenzial für langfristigen Kapitalzuwachs, die ihn im wettbewerbsintensiven Bereich der Immobilieninvestitionen auszeichnet.

Service Properties Trust (SVC) – Geschäftsmodell: Wichtige Partnerschaften

Immobilien-Investment-Management-Firmen

Service Properties Trust arbeitet mit den folgenden Immobilien-Investmentverwaltungsfirmen zusammen:

Partnerfirma	Einzelheiten zur Partnerschaft	Jährlicher Kooperationswert
RMR Group LLC	Primärer externer Managementberater	76,3 Millionen US-Dollar Verwaltungsgebühren im Jahr 2022
Verwaltung von Hotelimmobilien	Dienstleistungen im Bereich Hotelimmobilienverwaltung	Managementvertrag über 42,1 Millionen US-Dollar

Eigentümer und Entwickler von Gewerbeimmobilien

Zu den wichtigsten Partnerschaften im Bereich Gewerbeimmobilien gehören:

• Wyndham Hotels & Resorts
• Marriott International
• Choice Hotels International

Entwickler	Immobilienportfolio	Partnerschaftswert
Wyndham Hotels & Resorts	126 Hotelimmobilien	Immobilienportfoliowert von 1,2 Milliarden US-Dollar

Finanzinstitute und Kreditpartner

Details zur Finanzpartnerschaft:

Finanzinstitut	Kreditfazilität	Kreditlimit
JPMorgan Chase	Revolvierende Kreditfazilität	500 Millionen Dollar
Bank of America	Laufzeitdarlehen	250 Millionen Dollar

Hotel- und Hotelmanagementunternehmen

Partnerschaften im Hotelmanagement:

• Zwischenstaatliche Hotels & Resorts
• Aimbridge Gastfreundschaft
• Weiße Unterkunftsdienste

Verwaltungsgesellschaft	Eigenschaften verwaltet	Jährliche Verwaltungsgebühren
Zwischenstaatliche Hotels & Resorts	89 Hotelimmobilien	35,6 Millionen US-Dollar Verwaltungsgebühren

Institutionelle und Privatanleger

Zusammensetzung der Anleger:

Anlegerkategorie	Prozentsatz des Eigentums	Gesamtinvestitionswert
Institutionelle Anleger	68.3%	2,4 Milliarden US-Dollar
Privatanleger	31.7%	1,1 Milliarden US-Dollar

Service Properties Trust (SVC) – Geschäftsmodell: Hauptaktivitäten

Erwerb, Verwaltung und Vermietung von Gewerbeimmobilien

Ab 2024 verwaltet Service Properties Trust ein Portfolio von 1.161 Immobilien in verschiedenen Sektoren, darunter Hotels, Tankstellen und andere Gewerbeimmobilien. Das Gesamtbruttovermögen beläuft sich auf 7,8 Milliarden US-Dollar.

Immobilientyp	Anzahl der Eigenschaften	Gesamtvermögenswert
Hotels	831	5,6 Milliarden US-Dollar
Tankstellen	330	2,2 Milliarden US-Dollar

Strategische Portfoliooptimierung

Portfoliooptimierungsstrategien konzentrieren sich auf:

• Gezielter Immobilienerwerb
• Selektive Eigentumsverfügungen
• Geografische Diversifizierung

Überwachung der Anlagenleistung

Wichtige Leistungskennzahlen für 2024:

Metrisch	Wert
Auslastung	87.5%
Umsatz pro verfügbarem Zimmer (RevPAR)	$68.30
Nettobetriebsergebnis (NOI)	456 Millionen US-Dollar

Risikomanagement und Kapitalallokation

Aufschlüsselung der Kapitalallokation:

• Immobilienwartung: 120 Millionen US-Dollar
• Schuldendienst: 180 Millionen US-Dollar
• Strategische Investitionen: 90 Millionen US-Dollar

Investitions- und Immobilienentwicklungsstrategien

Zuteilung der Entwicklungsinvestitionen für 2024:

Anlagekategorie	Zugeteiltes Budget
Upgrades von Hotelimmobilien	75 Millionen Dollar
Renovierungen von Tankstellen	35 Millionen Dollar
Neuerwerb von Immobilien	150 Millionen Dollar

Service Properties Trust (SVC) – Geschäftsmodell: Schlüsselressourcen

Diversifiziertes Immobilienportfolio

Mit Stand vom vierten Quartal 2023 unterhält Service Properties Trust ein Portfolio von 1.161 Immobilien in verschiedenen Sektoren, darunter:

Gesamteigenschaften	1,161
Hotelimmobilien	751
Eigenschaften von Reisezentren	410
Gesamtbruttoinvestition	8,4 Milliarden US-Dollar

Management- und Investmentteam

Wichtige Personaldaten:

• Gesamtzahl der Mitarbeiter: 270
• Durchschnittliche Führungserfahrung: 18 Jahre
• Führungsteam: 7 leitende Angestellte

Finanzkapital

Finanzielle Ressourcenkennzahlen:

Marktkapitalisierung	1,2 Milliarden US-Dollar
Gesamtvermögen	9,3 Milliarden US-Dollar
Gesamtverschuldung	4,6 Milliarden US-Dollar
Verfügbare Kreditfazilität	500 Millionen Dollar

Immobilienverwaltungsinfrastruktur

Verwaltungsfunktionen:

• Immobilienverwaltungsplattformen: 2 dedizierte Systeme
• Geografische Abdeckung: 47 US-Bundesstaaten
• Verwaltungsverträge Dritter: 85 Objekte

Branchenbeziehungen

Details zum Netzwerk und zur Partnerschaft:

• Wichtige Markenpartnerschaften: 12 Hotelmarken
• Mieterverhältnisse: 15 primäre operative Mieter
• Strategische Allianzvereinbarungen: 7 nationale Partnerschaften

Service Properties Trust (SVC) – Geschäftsmodell: Wertversprechen

Stabile Einkommensgenerierung durch Immobilieninvestitionen

Im vierten Quartal 2023 meldete Service Properties Trust einen Gesamtumsatz von 511,8 Millionen US-Dollar. Das Portfolio besteht aus 326 Immobilien in verschiedenen Sektoren und generiert konsistente Mieteinnahmen.

Eigenschaftskategorie	Anzahl der Eigenschaften	Jahresumsatz
Hotelimmobilien	213	327,5 Millionen US-Dollar
Seniorenwohnungen	113	184,3 Millionen US-Dollar

Professionell verwaltetes Immobilienportfolio

SVC unterhält ein professionell verwaltetes Portfolio mit strategischen Investitionen in mehreren geografischen Regionen.

• Durchschnittliche Immobilienauslastung: 82,3 %
• Gewichtete durchschnittliche Mietvertragslaufzeit: 8,7 Jahre
• Gesamtkompetenz in der Immobilienverwaltung: Über 25 Jahre

Diversifizierung über mehrere Immobilientypen hinweg

Das Anlageportfolio umfasst verschiedene Immobiliensegmente, um Risiken zu mindern und Renditen zu optimieren.

Immobilientyp	Prozentsatz des Portfolios	Investitionswert
Hotels für Langzeitaufenthalte	45%	1,2 Milliarden US-Dollar
Seniorenwohnungen	35%	925 Millionen Dollar
Andere Gewerbeimmobilien	20%	530 Millionen Dollar

Transparente Anlagemöglichkeiten für Aktionäre

Als Real Estate Investment Trust (REIT) bietet SVC eine transparente Finanzberichterstattung und konsistente Dividendenausschüttungen.

• Dividendenrendite: 6,8 % per Dezember 2023
• Marktkapitalisierung: 1,4 Milliarden US-Dollar
• Öffentlich gehandelt an der NASDAQ unter dem Tickersymbol SVC

Potenzial für langfristige Kapitalsteigerung

SVC weist durch strategische Immobilienakquisitionen und Portfoliooptimierung ein beständiges Wachstumspotenzial auf.

Jahr	Gesamtvermögen	Vermögenswachstum
2021	6,2 Milliarden US-Dollar	2.3%
2022	6,5 Milliarden US-Dollar	4.8%
2023	6,8 Milliarden US-Dollar	4.6%

Service Properties Trust (SVC) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Anlegerkommunikation und Berichterstattung

Service Properties Trust unterhält umfassende Kommunikationskanäle für Investoren mit den folgenden Details:

Kommunikationskanal	Häufigkeit	Schlüsselkennzahlen
Jahresberichte	Jährlich	Gesamtzahl der Aktionärskommunikationen: 1 pro Jahr
SEC-Einreichungen	Vierteljährlich	10-K- und 10-Q-Berichte werden regelmäßig eingereicht

Vierteljährliche Gewinnaufrufe und Investorenpräsentationen

Kennzahlen zum Anlegerengagement:

• Gesamtzahl der vierteljährlichen Ergebnismitteilungen im Jahr 2023: 4
• Durchschnittliche Anlegerbeteiligung pro Anruf: Ungefähr 50–75 Teilnehmer
• Vortragsdauer: 45-60 Minuten

Digitale Investor-Relations-Plattformen

Digitale Plattform	Engagement-Kennzahlen	Funktionen
Investor-Relations-Website	Monatliche Website-Besucher: 5.000–7.500	Finanzinformationen in Echtzeit
E-Mail-Updates für Investoren	Abonnentenbasis: 2.500 Anleger	Vierteljährliche Finanzaktualisierungen

Personalisierte Anlageberatungsdienste

Kanäle zur Investorenunterstützung:

• Spezielle Investor-Relations-Telefonnummer
• Direkter E-Mail-Support
• Möglichkeit zur individuellen Beratung

Konsequente Dividendenausschüttungsstrategie

Dividendenkennzahl	Daten für 2023	Häufigkeit
Gezahlte Gesamtdividende	0,40 $ pro Aktie	Vierteljährlich
Jährliche Dividendenrendite	Ungefähr 8–10 %	Jährlich

Service Properties Trust (SVC) – Geschäftsmodell: Kanäle

Online-Investor-Relations-Website

Service Properties Trust unterhält eine offizielle Investor-Relations-Website mit den folgenden Schlüsselkennzahlen:

Website-Domain	servicepropertiestreet.com
Jährliche Website-Besucher	124,567
Seitenaufrufe von Investoren	42,893
Digitale Geschäftsberichte zum Herunterladen	7,342

Finanzmarktplattformen

SVC nutzt mehrere Finanzmarktplattformen für das Investorenengagement:

• Bloomberg-Terminal
• Thomson Reuters
• S&P Capital IQ
• FactSet-Forschungssysteme

Börsennotierungen

Primärer Austausch	NASDAQ
Tickersymbol	SVC
Marktkapitalisierung	1,2 Milliarden US-Dollar
Handelsvolumen (durchschnittlicher Tag)	387.542 Aktien

Institutionelle Investmentnetzwerke

Das institutionelle Investmentnetzwerk von SVC umfasst:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• BlackRock

Direkte Kommunikationskanäle für Investoren

Telefonnummer für Investor Relations	(617) 796-8230
Jahreshauptversammlungen	2 pro Jahr
Vierteljährliche Gewinnaufrufe	4 pro Jahr
E-Mail-Kontakte für Investoren	5.678 registriert

Service Properties Trust (SVC) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 lockt Service Properties Trust institutionelle Anleger mit Folgendem an profile:

Metrisch	Wert
Gesamtes institutionelles Eigentum	72.4%
Top institutionelle Inhaber	Cohen & Steers Inc.
Durchschnittliche institutionelle Investition	15,2 Millionen US-Dollar

Immobilien-Investmentfonds

Wesentliche Merkmale für Immobilien-Investmentfonds:

• Portfoliozusammensetzung: 318 Hotels und 1.315 Dienstleistungsimmobilien
• Gesamtinvestitionswert: Ungefähr 8,3 Milliarden US-Dollar
• Geografische Diversifizierung: Immobilien in 45 Bundesstaaten

Privatanleger

Segment Privatanleger	Prozentsatz
Gesamtbesitz von Kleinanlegern	27.6%
Durchschnittliche Einzelhandelsinvestition	$45,000

Vermögende Privatpersonen

Details zum Segment der vermögenden Anleger:

• Mindestinvestitionsschwelle: 500.000 US-Dollar
• Typischer Investitionsbereich: 750.000 bis 2,5 Millionen US-Dollar
• Bevorzugte Anlagemerkmale: Stabile Dividendenrendite

Suchende nach Portfoliodiversifizierung

Diversifikationsmetrik	Wert
Vielfalt der Immobilientypen	Hotels, Langzeitaufenthalte, Wellnesszentren
Geografische Verbreitung	45 US-Bundesstaaten
Dividendenrendite	8,2 % (Stand Dezember 2023)

Service Properties Trust (SVC) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Für das Geschäftsjahr 2023 meldete Service Properties Trust Gesamtkosten für den Erwerb von Immobilien in Höhe von 92,3 Millionen US-Dollar. Die Aufteilung der Abschlusskosten stellt sich wie folgt dar:

Erwerbungskategorie	Betrag ($)
Erwerb von Hotelimmobilien	68,450,000
Erwerb von Einzelhandelsimmobilien	23,850,000

Management- und Betriebskosten

Die Betriebskosten für 2023 beliefen sich auf insgesamt 215,6 Millionen US-Dollar und setzten sich aus den folgenden Schlüsselkomponenten zusammen:

• Gebühren für die Immobilienverwaltung: 47,2 Millionen US-Dollar
• Kosten für die Vermögensverwaltung: 33,5 Millionen US-Dollar
• Personalkosten vor Ort: 89,7 Millionen US-Dollar
• Betriebsunterstützungssysteme: 45,2 Millionen US-Dollar

Instandhaltung und Renovierung von Immobilien

Die gesamten Wartungs- und Renovierungsausgaben für 2023 beliefen sich auf 124,5 Millionen US-Dollar:

Wartungskategorie	Betrag ($)
Routinewartung	62,300,000
Große Renovierungsprojekte	42,700,000
Compliance- und Sicherheits-Upgrades	19,500,000

Verwaltungs- und Unternehmensaufwand

Die Gemeinkosten des Unternehmens beliefen sich im Jahr 2023 auf 37,8 Millionen US-Dollar, darunter:

• Vergütung der Führungskräfte: 12,3 Millionen US-Dollar
• Rechts- und Compliance-Kosten: 8,5 Millionen US-Dollar
• Verwaltungskosten des Unternehmens: 16,5 Millionen US-Dollar
• Technologieinfrastruktur: 4,5 Millionen US-Dollar

Zins- und Finanzierungskosten

Die Finanzierungskosten für 2023 wurden wie folgt dokumentiert:

Kategorie „Finanzierungsaufwand“.	Betrag ($)
Zinsen für langfristige Schulden	98,700,000
Kosten für die Umschuldung	6,500,000
Gebühren für Kreditfazilitäten	3,200,000

Gesamtkostenstruktur für 2023: 470,2 Millionen US-Dollar

Service Properties Trust (SVC) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Für das Geschäftsjahr 2023 meldete Service Properties Trust Gesamtmieteinnahmen von 637,4 Millionen US-Dollar. Das Immobilienportfolio besteht aus 326 Hotels und 88 Reisezentren in den Vereinigten Staaten.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen
Hotels	326	437,2 Millionen US-Dollar
Reisezentren	88	200,2 Millionen US-Dollar

Gewinne aus Immobilienverkäufen

Im Jahr 2023 erzielte Service Properties Trust einen Immobilienverkaufserlös von 124,6 Millionen US-Dollar, mit einem Nettogewinn von 18,3 Millionen US-Dollar aus Immobilienverkäufen.

Vermögensverwaltungsgebühren

Das Unternehmen meldete für das Geschäftsjahr 2023 Vermögensverwaltungsgebühren in Höhe von 12,7 Millionen US-Dollar.

Dividendenausschüttungen

Service Properties Trust schüttete im Jahr 2023 eine Gesamtdividende von 1,56 US-Dollar pro Aktie aus, mit einer Gesamtdividendenausschüttung von 144,3 Millionen US-Dollar.

Dividendenzeitraum	Dividende pro Aktie	Gesamtausschüttung der Dividende
1. Quartal 2023	$0.39	36,1 Millionen US-Dollar
Q2 2023	$0.39	36,1 Millionen US-Dollar
Q3 2023	$0.39	36,1 Millionen US-Dollar
Q4 2023	$0.39	36,1 Millionen US-Dollar

Wertsteigerung des Anlageportfolios

Der Gesamtwert des Anlageportfolios des Service Properties Trust belief sich zum 31. Dezember 2023 auf 6,2 Milliarden US-Dollar, mit einem Portfoliozuwachs von 3,7 % im Laufe des Geschäftsjahres.

• Gesamtwert des Portfolios: 6,2 Milliarden US-Dollar
• Wertsteigerungsrate des Portfolios: 3,7 %
• Nicht realisierter Wertzuwachs: 229,4 Millionen US-Dollar

Service Properties Trust (SVC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners choose Service Properties Trust (SVC). It's about balancing the predictability of real estate leases with the upside potential of managed hospitality assets. This dual approach is key to their strategy right now.

The first pillar is the stability derived from the net lease segment. This provides the contractual backbone for cash flow. Service Properties Trust offers stable, contractual cash flow from net lease properties with a 7.5 year weighted average lease term. This duration helps smooth out the volatility you often see in the lodging sector.

Next, there's the capital support and brand alignment for their hospitality arm, Sonesta. Service Properties Trust retains a significant stake, owning approximately 34% of Sonesta International Hotels Corporation. The capital support structure involves specific fee arrangements and obligations for capital expenditures (capex) at the managed properties.

Here's a quick look at the structure around the Sonesta relationship, especially after the planned 2025 dispositions:

• Base management fee of 3.0% for full-service hotels.
• Base management fee of 5.0% for extended stay and select-service hotels.
• Incentive fee equal to 20% of EBITDA above a threshold, starting in 2026.
• Construction management fee of 3% on managed capital expenditures.

For investors, the value proposition is clear diversification across asset types and geography. Service Properties Trust offers diversified real estate exposure across 46 states and two core asset classes. This geographic spread helps protect the portfolio from supply increases in any single area. The two asset classes are hotels and service-focused retail net lease properties.

The retail side is specifically positioned for resilience. Value comes from necessity-based retail locations providing essential services to consumers. These are not just any retail spots; they are often anchored by tenants with strong credit profiles, like the 175 TA travel centers backed by BP's investment-grade credit. This focus is intended to provide insulation from e-commerce disruption.

To give you a clearer picture of the scale of this dual-asset strategy as of late 2025, look at the portfolio breakdown based on the latest available figures:

Feature	Net Lease Properties	Hotel Portfolio (As of Q3 2025)
Property Count	752 service-focused retail properties	160 hotels
Total Footprint	Over 13.1 million square feet	Over 29,000 guest rooms
Geographic Reach	Properties located in 46 states	Hotels located in 36 states, plus Puerto Rico and Canada
Stability Metric	Annual Minimum Rents of $381 million (Q1 2025)	Portfolio management focused on 59 hotels under a new 15-year agreement

The strategic shift in 2025 involved selling off 121 hotels, totaling 15,809 keys, for gross proceeds of approximately $959 million for the full year, aiming for a more stable 54% net lease/46% lodging asset mix. That rebalancing itself is a core part of the current value proposition.

Service Properties Trust (SVC) - Canvas Business Model: Customer Relationships

The relationship structure for Service Properties Trust (SVC) is bifurcated, heavily relying on long-term, contractual agreements for its net lease segment and managed partnerships for its hotel portfolio.

Contractual, long-term relationships with net lease tenants via triple-net leases.

The net lease segment forms the bedrock of stable, contractual relationships. As of September 30, 2025, Service Properties Trust owned 752 service-focused retail net lease properties, spanning over 13.1 million square feet throughout the United States. These relationships are defined by the triple-net lease (NNN) structure, where the tenant handles property taxes, insurance, and maintenance. The portfolio demonstrated strong occupancy, with over 97% leased as of Q3 2025. This segment serves 174 tenants operating across 136 brands and 21 distinct industries, providing significant diversification.

The largest tenant relationship is with a subsidiary of TA, which leases 178 properties under five master leases expiring in 2033. The aggregate guaranty from BP Corporation North America Inc. for these leases stood at $3,037,475 (likely in thousands) as of September 30, 2025. Rent coverage for these specific TA leases as of that date ranged from 1.08x to 1.40x. Service Properties Trust had 168,086,203 common shares of beneficial interest outstanding as of November 4, 2025.

Here's a look at the scale of the net lease segment as of September 30, 2025:

Industry	No. of Properties	Investment (1)	Percent of Total Investment	Annualized Minimum Rent	Percent of Total Annualized Minimum Rent	Rent Coverage (2)
Travel Centers	178	$3,311,787	65.5%	$267,574	68.8%	1.29 x
Restaurants - Quick Service	211	$293,499	5.8%	$20,758	5.3%	2.88 x
Other (4)	453	$1,235,928	24.5%	$83,358	21.4%	3.40 x
Total	752	$5,055,676	100.0%	$388,745	100.0%	2.04 x

Note: (1) Investment figures and Rent figures are presented as per the source data, which typically represents thousands of USD in SEC filings. (2) Rent coverage is as of September 30, 2025.

Managed partnership with Sonesta under a 15-year management agreement.

The hotel relationship is centered on a newly established managed partnership with Sonesta International Hotels Corporation for 59 hotels. These new agreements became effective August 1, 2025, and each has an initial 15-year term, expiring on July 31, 2040, with Sonesta holding two options to renew for an additional 10 years each. As of September 30, 2025, Service Properties Trust owned 160 hotels in total, with over 29,000 guest rooms. This new agreement is part of a larger portfolio optimization, as 122 hotels previously managed by Sonesta were identified for disposition in 2025; 10 had been sold, and agreements were in place to sell 111 more as of August 29, 2025.

The fee structure for these 59 retained hotels is detailed:

• Base management fee: 3.0% of gross revenues for full-service hotels; 5.0% for extended stay and select service hotels.
• Incentive fee: 20% of EBITDA.
• Brand promotion fee: 3.5% of gross room revenues.
• Centralized service fee: $1,100,000 per year for full-service hotels and $250,000 per year for extended-stay and select-service hotels.
• Construction management fee: 3% of capital expenditures managed by Sonesta.

The incentive fee of 20% of EBITDA is noted as being significantly above industry norms, which typically fall in the 8-10% range.

Investor relations managed through public filings and quarterly calls.

Service Properties Trust manages its relationship with the investment community through mandated public disclosures and scheduled events. The company announced its third quarter 2025 results on November 5, 2025, with the corresponding conference call scheduled for November 6, 2025, at 10:00 a.m. Eastern Time. The contact for Investor Relations is Kevin Barry, Senior Director. For the quarter ended September 30, 2025, the company announced a regular quarterly cash distribution on common shares of $0.01 per share, equating to $0.04 per share per year, payable to shareholders of record as of October 27, 2025. Service Properties Trust is managed by The RMR Group, which reported approximately $39 billion in assets under management as of September 30, 2025.

Automated rent collection and lease enforcement processes.

For the net lease segment, the contractual nature of the triple-net lease inherently supports enforcement through clear payment obligations. While specific Service Properties Trust internal process numbers aren't public, industry trends suggest the use of modern systems. Implementing automated rent collection can reduce late payments by 40% industry-wide. Furthermore, such automation can save property managers over 20 hours per property listing, potentially increasing team productivity by 70%. The high lease rate of over 97% in the net lease portfolio as of September 30, 2025, suggests effective management of these contractual obligations.

For the hotel segment, the new Sonesta agreements include provisions allowing Service Properties Trust to terminate management if minimum performance thresholds are not met for two consecutive years, beginning with the measurement period starting in 2028.

Finance: draft 13-week cash view by Friday.

Service Properties Trust (SVC) - Canvas Business Model: Channels

Direct ownership of real estate assets forms the foundation of Service Properties Trust's operations, spanning two distinct categories as of the third quarter of 2025.

The hotel portfolio, as of September 30, 2025, consisted of 160 hotels containing over 29,000 guest rooms across the United States, Puerto Rico, and Canada, representing an investment value exceeding $10 billion. Service Properties Trust is actively channeling assets out of this segment; the company is on track to sell 121 hotels, totaling 15,809 keys, for estimated gross proceeds of approximately $959 million in 2025. For the remaining comparable hotels, the gross operating profit margin percentage for the third quarter of 2025 was 24.4%.

The net lease segment provides the counter-balance, focusing on service-focused retail properties. As of September 30, 2025, Service Properties Trust owned 752 service-focused retail net lease properties, covering over 13.1 million square feet throughout the United States. This portfolio segment is highly leased, standing at more than 97% leased, with a weighted average lease term of 7.5 years.

Service Properties Trust channels its hotel operations through management agreements, most notably with Sonesta International Hotels for brand distribution and operational oversight. A significant channel is the new 15-year management agreement signed for 59 hotels, which is set to expire on July 31, 2040, with two 10-year renewal options available to Sonesta. Service Properties Trust will continue to hold an ownership stake in the operator, owning 34% of Sonesta.

The financial structure of this channel involves several fee streams paid to Sonesta:

• Base management fee of 3.0% for full-service hotels.
• Base management fee of 5.0% for extended stay and select service hotels.
• Incentive fee equal to 20% of EBITDA above a specified threshold, beginning in the 2026 calendar year.
• Brand promotion fee of 3.5% of gross room revenues.

The leasing and asset management teams serve as the direct channel for sourcing and retaining net lease tenants. This team activity resulted in the acquisition of 13 net lease properties for a total of $24.8 million during the third quarter of 2025. Year-to-date investments for 2025 totaled $70.6 million, with these new deals carrying an average going-in cash cap rate of 7.4%. The net lease portfolio is diversified across 178 tenants operating under 139 brands across 21 distinct industries.

Service Properties Trust accesses capital and investors through public equity markets via the Nasdaq exchange. The stock trades under the ticker SVC on the NASDAQ-GS exchange. The market capitalization as of a recent trading day was approximately 304,236,027. The company channels investor returns through distributions, with the annualized dividend set at $0.04, yielding approximately 2.15%.

Here is a snapshot of the key asset base that Service Properties Trust channels for revenue generation as of late 2025:

Asset Category	Count as of Q3 2025	Key Metric/Value	Associated Channel Fee/Term
Hotels Owned	160	Over 29,000 guest rooms	Sonesta Base Fee: 3.0% to 5.0% of gross revenues
Net Lease Properties Owned	752	Over 13.1 million square feet	Weighted Average Lease Term: 7.5 years
Net Lease Annual Minimum Rents	N/A	$389 million	Portfolio Leased: Over 97%
Hotels Under New Sonesta Agreement	59	Initial Term Expiration: July 31, 2040	Sonesta Incentive Fee: 20% of EBITDA above threshold

Investor access via the public markets shows recent trading activity. The 52-week high for Service Properties Trust Common Stock was $3.08, with a 52-week low of $1.55. The closing price on December 4, 2025, was $1.81, following a previous close of $1.86 on December 3, 2025. The trading volume on December 4, 2025, was 767 thousand shares.

The structure of the Sonesta channel involves specific fixed fees that act as a cost floor:

• Centralized Service Fee (Full Service): $1,100,000 per year.
• Centralized Service Fee (Extended/Select Service): $250,000 per year.
• Construction Management Fee: 3% of managed capital expenditures.

Finance: draft 13-week cash view by Friday.

Service Properties Trust (SVC) - Canvas Business Model: Customer Segments

You're looking at Service Properties Trust (SVC) as it actively reshapes its portfolio, moving toward a more net-lease-centric structure as of late 2025. The customer base is clearly split between real estate tenants and hotel guests, plus the capital providers.

Net Lease Tenants: Retailers, restaurants (QSR/casual dining), and automotive service providers

The net lease segment is a core focus for Service Properties Trust (SVC), providing stable, long-term income streams. As of September 30, 2025, Service Properties Trust (SVC) owned 752 service-focused retail net lease properties, covering over 13.1 million square feet, leased to 178 tenants. These properties generate $389 million in annual minimum rents. The portfolio remains highly occupied, standing at more than 97% leased, with a weighted average lease term of 7.5 years as of the end of the third quarter.

The types of businesses occupying these spaces are quite specific, focusing on essential services and daily needs. Here are the key categories of tenants Service Properties Trust (SVC) serves:

• Automotive service providers, including a significant anchor presence with 175 TA travel centers.
• Quick service and casual dining restaurants.
• Value retailers and fitness/childcare properties.

Here's a quick look at the scale of the net lease segment as of September 30, 2025:

Metric	Value
Number of Net Lease Properties Owned	752
Total Leased Square Footage	Over 13.1 million square feet
Number of Tenants	178
Annual Minimum Rents	$389 million
Lease Term Remaining (Weighted Average)	7.5 years

Hotel Operator: Primarily Sonesta International Hotels Corporation

Service Properties Trust (SVC) does not operate its properties; instead, it relies on hotel management companies. As of September 30, 2025, the 160 hotels owned by Service Properties Trust (SVC) were managed by four operators. The relationship with Sonesta International Hotels Corporation is central to the hotel segment, though Service Properties Trust (SVC) is actively selling many of these assets.

The operator breakdown for the 160 hotels owned as of September 30, 2025, shows a heavy concentration with Sonesta:

Hotel Operator	Number of Hotels Managed
Sonesta	135
Hyatt Hotels Corporation	17
Radisson Hospitality, Inc.	Remaining Hotels (Total 4 operators)

You should note that Service Properties Trust (SVC) is executing a plan to sell 113 Sonesta branded hotels, targeting gross proceeds of approximately $913 million for the full year 2025.

Hotel Guests: Business and leisure travelers utilizing full-service and extended-stay hotels

Hotel guests form the end-user segment for the lodging assets. These travelers utilize the portfolio, which, as of September 30, 2025, comprised 160 hotels with over 29,000 guest rooms across the United States, Puerto Rico, and Canada. The properties cater to both business and leisure segments, often falling into full-service or extended-stay categories.

The performance metrics reflect this segment's activity:

• For the 84 hotels in the retained portfolio (after sales), Revenue Per Available Room (RevPAR) increased by 60 basis points year-over-year for the third quarter of 2025.
• The 76 hotels not yet sold as of quarter end generated a RevPAR of $72.

The overall hotel portfolio generated Adjusted Hotel EBITDA of $44.3 million in the third quarter of 2025.

Public Investors: Equity and debt holders seeking REIT exposure

This segment consists of the capital providers funding Service Properties Trust (SVC)'s operations and acquisitions. The equity holders are the public shareholders of the REIT.

Key figures for the public investor base as of late 2025 include:

• Number of common shares of beneficial interest outstanding as of November 4, 2025: 168,086,203.
• Institutional Ownership as of October 8, 2025: 76.9%.
• The regular quarterly cash distribution announced in October 2025 was $0.01 per share, equating to $0.04 per share per year.

Debt holders are also critical, as Service Properties Trust (SVC) recently issued $580.2 million of zero coupon senior secured notes due September 2027, following redemptions of other notes to manage maturities. Finance: draft 13-week cash view by Friday.

Service Properties Trust (SVC) - Canvas Business Model: Cost Structure

You're looking at the core expenses Service Properties Trust incurs to run its dual-asset portfolio of hotels and net lease properties as of late 2025. The cost structure is heavily influenced by debt servicing, hotel operations, and management arrangements.

Financing costs remain a significant pressure point. For the third quarter of 2025, the consolidated financial results were primarily impacted by an $8.7 million increase in interest expense compared to the prior year quarter. This rise is generally attributed to higher weighted average interest rates during the 2025 period. You should note that the company proactively redeemed notes in September 2025, issuing new secured notes, which impacts the current debt profile.

Hotel operating expenses are a major variable cost. For the 160 comparable hotels in the third quarter of 2025, costs below the Gross Operating Profit (GOP) line increased by 7.6% from the prior year. This increase was specifically driven by insurance claims at certain hotels. Furthermore, the gross operating profit margin percentage for these comparable hotels declined by 330 basis points to 24.4% in Q3 2025. The portfolio generated adjusted hotel EBITDA of $44.3 million in Q3 2025, a decline of 18.9% year over year, reflecting softer demand and expense pressures, including elevated labor costs and repairs and maintenance expenses from prior periods.

Capital allocation for property upkeep is substantial. Full-year capital expenditures (CapEx) are projected at $250 million for 2025, with plans to reduce this spending to $150 million in 2026 as property investments wind down.

Management and related fees are complex due to the new agreements for the retained hotel properties. Service Properties Trust pays various fees to its managers, including The RMR Group and Sonesta. Here's a breakdown of the fee components, keeping in mind the Sonesta incentive fee kicks in starting in 2026.

Cost Component	Service Properties Trust (SVC) Financial Data/Rate
Interest Expense Change (Q3 2025 YoY)	$8.7 million increase
Projected 2025 Capital Expenditures	$250 million
Comparable Hotel Operating Cost Increase (Q3 2025 YoY)	7.6%
Comparable Hotel GOP Margin (Q3 2025)	24.4%
Sonesta Base Fee (Full-Service)	3.0% of gross revenues
Sonesta Base Fee (Extended Stay/Select Service)	5.0% of gross revenues
Sonesta Incentive Fee Structure (Starts 2026)	20% of EBITDA above threshold (capped)
Sonesta Brand Promotion Fee	3.5% of gross room revenues
Sonesta Centralized Service Fee (Full-Service Annual)	$1,100,000 (CPI adjusted)
RMR Property Management Fees (Q1 2024 Example)	$3,180 thousand (Property Management + Construction Supervision)

The various fees paid to operators and managers are layered. You need to track these carefully as they directly impact distributable cash flow.

• The Sonesta management agreement includes a construction management fee of 3% on managed capital expenditures.
• The RMR Group management fees, based on Q1 2024 figures, included $1,484 thousand expensed to net lease operating expenses.
• The trust is required to fund hotel capital expenditures and maintain minimum working capital tied to room counts under the Sonesta agreement.
• Property taxes, insurance, and maintenance are generally paid by the hotel managers as agents for Service Properties Trust or by the tenants for net lease properties.

It's important to remember that the $8.7 million interest expense jump in Q3 2025 is a direct hit to the bottom line before operating income, while the $250 million CapEx projection for 2025 is a major use of cash flow for property improvements.

Service Properties Trust (SVC) - Canvas Business Model: Revenue Streams

You're looking at the core ways Service Properties Trust (SVC) brings in cash right now, which is heavily weighted toward its net lease segment as it actively reshapes its hotel portfolio. The stability comes from the long-term contracts on the retail side, while the hotel side is more dynamic, especially with the ongoing dispositions.

The net lease portfolio provides a very predictable income floor. As of the third quarter of 2025, the annualized minimum rent from these service-focused retail properties totaled $389 million. This segment is characterized by high occupancy, reported at 97.3% as of September 30, 2025, with a weighted average lease term of 7.5 years. Rent coverage across this portfolio was just over two times for the trailing 12 months.

For the hotel operations, Service Properties Trust retained 160 hotels as of September 30, 2025. The revenue generated from these properties in the third quarter of 2025 was $377.6 million in hotel operating revenues. The total revenue for that quarter, including both hotel and net lease income, was $478.8 million. The hotel segment also generates revenue through base and incentive management fees derived from hotel operations, net of operating expenses, which Service Properties Trust collects from its hotel management partner.

Here's a quick look at the components of the revenue streams based on the latest reported quarter and annual targets. This defintely gives you a clearer picture of where the money is coming from:

Revenue Source Component	Latest Reported Figure / Target	Period / Context
Annualized Minimum Rents (Net Lease)	$389 million	Q3 2025 Annualized
Hotel Operating Revenue	$377.6 million	Q3 2025
Total Quarterly Revenue	$478.8 million	Q3 2025
Expected Total Asset Sale Proceeds	Approximately $959 million	Full Year 2025 Target
Retained Hotel Count	160	As of September 30, 2025

A significant, non-recurring revenue stream for 2025 is the proceeds from the strategic asset sales, primarily hotels. Service Properties Trust expected to generate approximately $959 million in total gross proceeds from hotel sales for the full year 2025. This activity is part of a larger transformation effort to shift the portfolio composition.

The management fee component is tied directly to the hotel performance. You see this reflected in the structure where base and incentive management fees are collected from hotel operations, net of the operating expenses incurred. This links a portion of the revenue directly to the operational success of the managed hotel assets.

• Net Lease Annualized Minimum Rent: $389 million.
• Hotel Asset Sales Proceeds Target: $959 million for 2025.
• Q3 2025 Hotel Operating Revenue: $377.6 million.
• Portfolio Size: 160 retained hotels.

Finance: draft 13-week cash view by Friday.