Service Properties Trust (SVC): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le World of Service Properties Trust (SVC), une fiducie de placement immobilier dynamique qui navigue magistralement dans le paysage complexe des investissements immobiliers commerciaux. Avec un modèle commercial sophistiqué qui s'étend sur plusieurs secteurs et exploite des partenariats stratégiques, SVC offre aux investisseurs une opportunité convaincante de puiser dans un portefeuille diversifié de propriétés générateurs de revenus. Des investisseurs institutionnels aux personnes à haute teneur en naissance à la recherche de stratégies d'investissement robustes, cette fiducie présente un mélange unique de gestion professionnelle, de canaux d'investissement transparents et de potentiel d'appréciation à long terme du capital qui le distingue dans le domaine de l'investissement immobilier compétitif.

Service Properties Trust (SVC) - Modèle d'entreprise: partenariats clés

Sociétés de gestion des investissements immobiliers

Service Properties Trust collabore avec les sociétés de gestion des investissements immobiliers suivantes:

Entreprise partenaire	Détails du partenariat	Valeur de collaboration annuelle
RMR Group LLC	Conseiller de gestion externe primaire	76,3 millions de dollars de frais de gestion en 2022
Gestion des propriétés de l'hôtellerie	Services de gestion immobilière de l'hôtel	Contrat de gestion de 42,1 millions de dollars

Propriétaires et développeurs de propriétés commerciales

Les partenariats de propriété commerciale clés comprennent:

• Hôtels Wyndham & Stations balnéaires
• Marriott International
• Choice Hotels International

Promoteur	Portefeuille de propriétés	Valeur de partenariat
Hôtels Wyndham & Stations balnéaires	126 Propriétés de l'hôtel	Valeur du portefeuille de propriété de 1,2 milliard de dollars

Institutions financières et partenaires de prêt

Détails du partenariat financier:

Institution financière	Facilité de crédit	Limite de crédit
JPMorgan Chase	Facilité de crédit renouvelable	500 millions de dollars
Banque d'Amérique	Prêt à terme	250 millions de dollars

Hôtels et sociétés de gestion hôtelière

Partenariats de gestion hôtelière:

• Hôtels interétatiques & Stations balnéaires
• Hospitalité AIMBRIDGE
• Services d'hébergement blanc

Entreprise de gestion	Propriétés gérées	Frais de gestion annuels
Hôtels interétatiques & Stations balnéaires	89 Propriétés de l'hôtel	Frais de gestion de 35,6 millions de dollars

Investisseurs institutionnels et de détail

Composition des investisseurs:

Catégorie d'investisseurs	Pourcentage de propriété	Valeur d'investissement totale
Investisseurs institutionnels	68.3%	2,4 milliards de dollars
Investisseurs de détail	31.7%	1,1 milliard de dollars

Service Properties Trust (SVC) - Modèle d'entreprise: activités clés

Acquérir, gérer et louer des propriétés commerciales

En 2024, Service Properties Trust gère un portefeuille de 1 161 propriétés dans divers secteurs, y compris des hôtels, des stations de service et d'autres biens immobiliers commerciaux. Les actifs bruts totaux évalués à 7,8 milliards de dollars.

Type de propriété	Nombre de propriétés	Valeur totale de l'actif
Hôtels	831	5,6 milliards de dollars
Stations de service	330	2,2 milliards de dollars

Optimisation de portefeuille stratégique

Les stratégies d'optimisation du portefeuille se concentrent sur:

• Acquisitions de propriétés ciblées
• Dispositions de propriété sélective
• Diversification géographique

Surveillance des performances des actifs

Mesures de performance clés pour 2024:

Métrique	Valeur
Taux d'occupation	87.5%
Revenus par salle disponible (RevPAR)	$68.30
Résultat d'exploitation net (NOI)	456 millions de dollars

Gestion des risques et allocation des capitaux

Répartition de l'allocation des capitaux:

• Maintenance des biens: 120 millions de dollars
• Entretien de la dette: 180 millions de dollars
• Investissements stratégiques: 90 millions de dollars

Stratégies d'investissement et de développement immobilier

Allocation des investissements de développement pour 2024:

Catégorie d'investissement	Budget alloué
Mises à niveau de la propriété de l'hôtel	75 millions de dollars
Rénovations de la station-service	35 millions de dollars
Nouvelles acquisitions de propriétés	150 millions de dollars

Service Properties Trust (SVC) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier diversifié

Depuis le quatrième trimestre 2023, Service Properties Trust conserve un portefeuille de 1 161 propriétés sur plusieurs secteurs, notamment:

Propriétés totales	1,161
Propriétés de l'hôtel	751
Propriétés du centre de voyage	410
Investissement brut total	8,4 milliards de dollars

Équipe de gestion et d'investissement

Détails du personnel clés:

• Total des employés: 270
• Expérience de gestion moyenne: 18 ans
• Équipe de direction exécutive: 7 cadres supérieurs

Capital financier

Mesures de ressources financières:

Capitalisation boursière	1,2 milliard de dollars
Actif total	9,3 milliards de dollars
Dette totale	4,6 milliards de dollars
Facilité de crédit disponible	500 millions de dollars

Infrastructure de gestion immobilière

Capacités de gestion:

• Plateformes de gestion immobilière: 2 systèmes dédiés
• Couverture géographique: 47 États américains
• Contrats de gestion tiers: 85 propriétés

Relations de l'industrie

Détails du réseau et du partenariat:

• Partenariats de marques majeures: 12 marques hôtelières
• Relations des locataires: 15 Les principaux locataires opératoires
• Accords d'alliance stratégique: 7 partenariats nationaux

Service Properties Trust (SVC) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable grâce aux investissements immobiliers

Au quatrième trimestre 2023, Service Properties Trust a déclaré des revenus totaux de 511,8 millions de dollars. Le portefeuille se compose de 326 propriétés dans divers secteurs, générant des flux de revenus de location cohérents.

Catégorie de propriété	Nombre de propriétés	Revenus annuels
Propriétés de l'hôtel	213	327,5 millions de dollars
Logement pour personnes âgées	113	184,3 millions de dollars

Portfolio immobilier géré par des professionnels

SVC maintient un portefeuille géré par des professionnels avec des investissements stratégiques dans plusieurs régions géographiques.

• Taux d'occupation des biens moyens: 82,3%
• Terme de location moyenne pondérée: 8,7 ans
• Expertise totale de gestion immobilière: plus de 25 ans

Diversification sur plusieurs types de propriétés

Le portefeuille d'investissement comprend divers segments immobiliers pour atténuer les risques et optimiser les rendements.

Type de propriété	Pourcentage de portefeuille	Valeur d'investissement
Hôtels de séjour prolongés	45%	1,2 milliard de dollars
Logement pour personnes âgées	35%	925 millions de dollars
Autres propriétés commerciales	20%	530 millions de dollars

Opportunités d'investissement transparentes pour les actionnaires

En tant que fiducie de placement immobilier (REIT), SVC fournit des rapports financiers transparents et des distributions de dividendes cohérentes.

• Rendement des dividendes: 6,8% en décembre 2023
• Capitalisation boursière: 1,4 milliard de dollars
• Coté en bourse sur le NASDAQ sous Ticker SVC

Potentiel d'appréciation du capital à long terme

SVC démontre un potentiel de croissance constant grâce à des acquisitions de propriétés stratégiques et à l'optimisation du portefeuille.

Année	Actif total	Croissance des actifs
2021	6,2 milliards de dollars	2.3%
2022	6,5 milliards de dollars	4.8%
2023	6,8 milliards de dollars	4.6%

Service Properties Trust (SVC) - Modèle d'entreprise: relations avec les clients

Communications et rapports des investisseurs réguliers

Service Properties Trust entretient des canaux de communication des investisseurs complets avec les détails suivants:

Canal de communication	Fréquence	Mesures clés
Rapports annuels	Annuellement	Communications totales des actionnaires: 1 par an
Dépôts de la SEC	Trimestriel	Des rapports 10-K et 10-Q déposés de manière cohérente

Appels de bénéfices trimestriels et présentations des investisseurs

Métriques d'engagement des investisseurs:

• Total des résultats trimestriels en 2023: 4
• Participation moyenne des investisseurs par appel: environ 50 à 75 participants
• Durée de présentation: 45-60 minutes

Plateformes de relations avec les investisseurs numériques

Plate-forme numérique	Métriques d'engagement	Caractéristiques
Site Web de relations avec les investisseurs	Visiteurs mensuels du site Web: 5 000 à 7 500	Informations financières en temps réel
Mises à jour des e-mails des investisseurs	Base d'abonné: 2 500 investisseurs	Mises à jour financières trimestrielles

Services de conseil en investissement personnalisés

Canaux de soutien aux investisseurs:

• Ligne téléphonique des relations avec les investisseurs dédiés
• Assistance par e-mail direct
• Disponibilité de consultation individuelle

Stratégie de distribution de dividendes cohérente

Métrique du dividende	2023 données	Fréquence
Dividende total payé	0,40 $ par action	Trimestriel
Rendement annuel sur le dividende	Environ 8 à 10%	Annuel

Service Properties Trust (SVC) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs en ligne

Service Properties Trust conserve un site Web officiel de relations avec les investisseurs avec les mesures clés suivantes:

Domaine du site Web	ServiceProperSvieret.com
Visiteurs annuels du site Web	124,567
Pages d'investisseurs View	42,893
Téléchargements du rapport annuel numérique	7,342

Plateformes de marché financier

SVC utilise plusieurs plateformes de marché financier pour l'engagement des investisseurs:

• Bloomberg Terminal
• Thomson Reuters
• S&P Capital IQ
• Systèmes de recherche de faits

Listes de bourses

Échange principal	Nasdaq
Symbole de ticker	SVC
Capitalisation boursière	1,2 milliard de dollars
Volume de trading (moyen quotidien)	387 542 actions

Réseaux d'investissement institutionnels

Le réseau d'investissement institutionnel de SVC comprend:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• Blackrock

Canaux de communication des investisseurs directs

Numéro de téléphone des relations avec les investisseurs	(617) 796-8230
Réunions annuelles des actionnaires	2 par an
Appels de résultats trimestriels	4 par an
Contacts par e-mail des investisseurs	5 678

Service Properties Trust (SVC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Service Properties Trust attire les investisseurs institutionnels avec les profile:

Métrique	Valeur
Propriété institutionnelle totale	72.4%
Meilleurs titulaires institutionnels	Cohen & Steers Inc.
Investissement institutionnel moyen	15,2 millions de dollars

Fonds d'investissement immobilier

Caractéristiques clés pour les fonds d'investissement immobilier:

• Composition de portefeuille: 318 hôtels et 1 315 propriétés liées au service
• Valeur d'investissement totale: environ 8,3 milliards de dollars
• Diversification géographique: propriétés dans 45 États

Investisseurs de détail

Segment des investisseurs de détail	Pourcentage
Propriété totale des investisseurs de détail	27.6%
Investissement de détail moyen	$45,000

Individus à haute nette

Détails du segment des investisseurs à forte valeur élevée:

• Seuil d'investissement minimum: 500 000 $
• Gamme d'investissement typique: 750 000 $ - 2,5 millions de dollars
• Caractéristiques d'investissement préférées: rendement en dividende stable

Demandeurs de diversification de portefeuille

Métrique de diversification	Valeur
Diversité du type de propriété	Hôtels, séjour prolongé, centres de bien-être
Propagation géographique	45 États américains
Rendement des dividendes	8,2% (en décembre 2023)

Service Properties Trust (SVC) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Pour l'exercice 2023, Service Properties Trust a déclaré des coûts d'acquisition totale de propriétés de 92,3 millions de dollars. La ventilation des dépenses d'acquisition est la suivante:

Catégorie d'acquisition	Montant ($)
Acquisitions de propriétés de l'hôtel	68,450,000
Acquisitions de biens de vente au détail	23,850,000

Coûts de gestion et d'exploitation

Les dépenses opérationnelles pour 2023 ont totalisé 215,6 millions de dollars, avec les composantes clés suivantes:

• Frais de gestion immobilière: 47,2 millions de dollars
• Coûts de gestion des actifs: 33,5 millions de dollars
• Dépenses de personnel sur place: 89,7 millions de dollars
• Systèmes de soutien opérationnel: 45,2 millions de dollars

Entretien et rénovation des biens

Les dépenses totales de maintenance et de rénovation pour 2023 étaient de 124,5 millions de dollars:

Catégorie de maintenance	Montant ($)
Maintenance de routine	62,300,000
Projets de rénovation majeurs	42,700,000
Mises à niveau de la conformité et de la sécurité	19,500,000

Administrative et au-delà de l'entreprise

Les frais généraux des entreprises pour 2023 s'élevaient à 37,8 millions de dollars, notamment:

• Rémunération des cadres: 12,3 millions de dollars
• Coûts juridiques et de conformité: 8,5 millions de dollars
• Frais d'administration des entreprises: 16,5 millions de dollars
• Infrastructure technologique: 4,5 millions de dollars

Frais d'intérêt et de financement

Les frais de financement pour 2023 ont été documentés comme suit:

Catégorie de dépenses de financement	Montant ($)
Intérêt sur la dette à long terme	98,700,000
Coûts de refinancement de la dette	6,500,000
Frais de facilité de crédit	3,200,000

Structure totale des coûts globaux pour 2023: 470,2 millions de dollars

Service Properties Trust (SVC) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Pour l'exercice 2023, Service Properties Trust a déclaré un chiffre d'affaires de location total de 637,4 millions de dollars. Le portefeuille immobilier se compose de 326 hôtels et 88 centres de voyage à travers les États-Unis.

Type de propriété	Nombre de propriétés	Revenus de location
Hôtels	326	437,2 millions de dollars
Centres de voyage	88	200,2 millions de dollars

Gains de vente de propriétés

En 2023, Service Properties Trust a généré une vente de biens de 124,6 millions de dollars, avec un gain net de 18,3 millions de dollars provenant des dispositions de propriété.

Frais de gestion des actifs

La société a déclaré des frais de gestion des actifs de 12,7 millions de dollars pour l'exercice 2023.

Distributions de dividendes

Service Properties Trust a distribué des dividendes totaux de 1,56 $ par action en 2023, avec un versement total de dividendes de 144,3 millions de dollars.

Période de dividende	Dividende par action	Paiement total des dividendes
Q1 2023	$0.39	36,1 millions de dollars
Q2 2023	$0.39	36,1 millions de dollars
Q3 2023	$0.39	36,1 millions de dollars
Q4 2023	$0.39	36,1 millions de dollars

Appréciation du portefeuille d'investissement

La valeur totale du portefeuille d'investissement pour le service des propriétés de service était de 6,2 milliards de dollars au 31 décembre 2023, avec une appréciation de portefeuille de 3,7% au cours de l'exercice.

• Valeur du portefeuille total: 6,2 milliards de dollars
• Taux d'appréciation du portefeuille: 3,7%
• Appréciation non réalisée: 229,4 millions de dollars

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.