Service Properties Trust (SVC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo do Serviço Properties Trust (SVC), uma confiança dinâmica de investimento imobiliário que navega com maestria no complexo cenário de investimentos em propriedades comerciais. Com um modelo de negócios sofisticado que abrange vários setores e aproveita parcerias estratégicas, a SVC oferece aos investidores uma oportunidade atraente de aproveitar um portfólio diversificado de propriedades geradoras de renda. De investidores institucionais a indivíduos de alta rede que buscam estratégias de investimento robustas, essa confiança apresenta uma mistura única de gestão profissional, canais de investimento transparentes e potencial de apreciação de capital a longo prazo que a diferencia na arena competitiva de investimentos imobiliários.

Service Properties Trust (SVC) - Modelo de negócios: Parcerias -chave

Empresas de gerenciamento de investimentos imobiliários

O Service Properties Trust colabora com as seguintes empresas de gerenciamento de investimentos imobiliários:

Empresa parceira	Detalhes da parceria	Valor anual de colaboração
RMR Group LLC	Consultor de gestão externa primária	US $ 76,3 milhões de taxas de gerenciamento em 2022
Gerenciamento de propriedades de hospitalidade	Serviços de gerenciamento de propriedades do hotel	Contrato de gestão de US $ 42,1 milhões

Proprietários de propriedades comerciais e desenvolvedores

Principais parcerias de propriedades comerciais incluem:

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

Desenvolvedor	Portfólio de propriedades	Valor da parceria
Hotéis Wyndham & Resorts	126 Propriedades do hotel	US $ 1,2 bilhão por carteira de propriedade

Instituições financeiras e parceiros de empréstimos

Detalhes da parceria financeira:

Instituição financeira	Linha de crédito	Limite de crédito
JPMorgan Chase	Linha de crédito rotativo	US $ 500 milhões
Bank of America	Empréstimo a prazo	US $ 250 milhões

Empresas de gerenciamento de hotéis e hospitalidade

Parcerias de gerenciamento de hospitalidade:

• Hotéis interestaduais & Resorts
• Aimbridge Hospitality
• Serviços de hospedagem branca

Empresa de gestão	Propriedades gerenciadas	Taxas de gerenciamento anuais
Hotéis interestaduais & Resorts	89 Propriedades do hotel	Taxas de gerenciamento de US $ 35,6 milhões

Investidores institucionais e de varejo

Composição do investidor:

Categoria de investidores	Porcentagem de propriedade	Valor total de investimento
Investidores institucionais	68.3%	US $ 2,4 bilhões
Investidores de varejo	31.7%	US $ 1,1 bilhão

Service Properties Trust (SVC) - Modelo de negócios: Atividades -chave

Aquisição, gerenciamento e arrendamento de propriedades comerciais

A partir de 2024, o Service Properties Trust gerencia um portfólio de 1.161 propriedades em vários setores, incluindo hotéis, estações de serviço e outros imóveis comerciais. Total de ativos brutos avaliados em US $ 7,8 bilhões.

Tipo de propriedade	Número de propriedades	Valor total do ativo
Hotéis	831	US $ 5,6 bilhões
Estações de serviço	330	US $ 2,2 bilhões

Otimização estratégica de portfólio

As estratégias de otimização de portfólio se concentram em:

• Aquisições de propriedades direcionadas
• Disposições seletivas de propriedade
• Diversificação geográfica

Monitoramento de desempenho de ativos

Métricas principais de desempenho para 2024:

Métrica	Valor
Taxa de ocupação	87.5%
Receita por sala disponível (revpar)	$68.30
Receita operacional líquida (NOI)	US $ 456 milhões

Gerenciamento de riscos e alocação de capital

Redução de alocação de capital:

• Manutenção de propriedades: US $ 120 milhões
• Serviço de dívida: US $ 180 milhões
• Investimentos estratégicos: US $ 90 milhões

Estratégias de investimento e desenvolvimento de propriedades

Alocação de investimento em desenvolvimento para 2024:

Categoria de investimento	Orçamento alocado
Atualizações de propriedades do hotel	US $ 75 milhões
Renovações em estação de serviço	US $ 35 milhões
Novas aquisições de propriedades	US $ 150 milhões

Service Properties Trust (SVC) - Modelo de negócios: Recursos -chave

Portfólio imobiliário diversificado

A partir do quarto trimestre 2023, o Service Properties Trust mantém um portfólio de 1.161 propriedades em vários setores, incluindo:

Propriedades totais	1,161
Propriedades do hotel	751
Propriedades do centro de viagem	410
Investimento bruto total	US $ 8,4 bilhões

Equipe de gestão e investimento

Detalhes do pessoal -chave:

• Total de funcionários: 270
• Experiência de gerenciamento médio: 18 anos
• Equipe de liderança executiva: 7 executivos seniores

Capital financeiro

Métricas de recursos financeiros:

Capitalização de mercado	US $ 1,2 bilhão
Total de ativos	US $ 9,3 bilhões
Dívida total	US $ 4,6 bilhões
Linha de crédito disponível	US $ 500 milhões

Infraestrutura de gerenciamento de propriedades

Recursos de gerenciamento:

• Plataformas de gerenciamento de propriedades: 2 sistemas dedicados
• Cobertura geográfica: 47 estados dos EUA
• Contratos de gerenciamento de terceiros: 85 propriedades

Relacionamentos da indústria

Detalhes de rede e parceria:

• Principais parcerias de marca: 12 marcas de hotel
• Relacionamentos inquilinos: 15 arrendatários operacionais primários
• Acordos de aliança estratégica: 7 parcerias nacionais

Service Properties Trust (SVC) - Modelo de Negócios: Proposições de Valor

Geração de renda estável através de investimentos em propriedades

A partir do quarto trimestre 2023, a Service Properties Trust relatou receitas totais de US $ 511,8 milhões. O portfólio consiste em 326 propriedades em vários setores, gerando fluxos de renda consistentes.

Categoria de propriedade	Número de propriedades	Receita anual
Propriedades do hotel	213	US $ 327,5 milhões
Habitação sênior	113	US $ 184,3 milhões

Portfólio imobiliário gerenciado profissionalmente

A SVC mantém um portfólio gerenciado profissionalmente com investimentos estratégicos em várias regiões geográficas.

• Taxa média de ocupação de propriedades: 82,3%
• Termo médio ponderado de arrendamento: 8,7 anos
• TOTAL DE GERENCIAMENTO DE PROPRIEDADE ENCIMENTO: Durante 25 anos

Diversificação em vários tipos de propriedades

O portfólio de investimentos abrange diversos segmentos imobiliários para mitigar riscos e otimizar os retornos.

Tipo de propriedade	Porcentagem de portfólio	Valor de investimento
Hotéis de ficar estendidos	45%	US $ 1,2 bilhão
Habitação sênior	35%	US $ 925 milhões
Outras propriedades comerciais	20%	US $ 530 milhões

Oportunidades de investimento transparentes para os acionistas

Como uma confiança de investimento imobiliário (REIT), o SVC fornece relatórios financeiros transparentes e distribuições consistentes de dividendos.

• Rendimento de dividendos: 6,8% em dezembro de 2023
• Capitalização de mercado: US $ 1,4 bilhão
• Negociado publicamente na NASDAQ sob ticker svc

Potencial para valorização de capital a longo prazo

O SVC demonstra potencial de crescimento consistente por meio de aquisições estratégicas de propriedades e otimização de portfólio.

Ano	Total de ativos	Crescimento de ativos
2021	US $ 6,2 bilhões	2.3%
2022	US $ 6,5 bilhões	4.8%
2023	US $ 6,8 bilhões	4.6%

Service Properties Trust (SVC) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações e relatórios regulares de investidores

Propriedades de serviço A confiança mantém canais abrangentes de comunicação de investidores com os seguintes detalhes:

Canal de comunicação	Freqüência	Métricas -chave
Relatórios anuais	Anualmente	Total de comunicação dos acionistas: 1 por ano
Registros da SEC	Trimestral	Relatórios de 10-K e 10-Q arquivados de forma consistente

Chamadas de ganhos trimestrais e apresentações de investidores

Métricas de engajamento do investidor:

• Total de chamadas trimestrais em 2023: 4
• Participação média do investidor por chamada: aproximadamente 50-75 participantes
• Duração da apresentação: 45-60 minutos

Plataformas de relações com investidores digitais

Plataforma digital	Métricas de engajamento	Características
Site de Relações com Investidores	Visitantes mensais do site: 5.000-7.500	Informações financeiras em tempo real
Atualizações por e -mail do investidor	Base de assinante: 2.500 investidores	Atualizações financeiras trimestrais

Serviços de consultoria de investimento personalizados

Canais de suporte de investidores:

• Linha telefônica de relações com investidores dedicados
• Suporte direto por e -mail
• Disponibilidade individual de consulta

Estratégia de distribuição de dividendos consistente

Métrica de dividendos	2023 dados	Freqüência
Dividendo total pago	US $ 0,40 por ação	Trimestral
Rendimento anual de dividendos	Aproximadamente 8-10%	Anual

Service Properties Trust (SVC) - Modelo de Negócios: Canais

Site de relações com investidores online

O Service Properties Trust mantém um site oficial de relações com investidores com as seguintes métricas principais:

Domínio do site	ServicePropertiestreet.com
Visitantes anuais do site	124,567
Visualizações de página do investidor	42,893
Downloads de relatório anual digital	7,342

Plataformas de mercado financeiro

A SVC utiliza várias plataformas de mercado financeiro para o envolvimento dos investidores:

• Terminal Bloomberg
• Thomson Reuters
• S&P Capital IQ
• FACTSET PESQUISA SISTEMAS

Listagens de bolsas de valores

Troca primária	NASDAQ
Símbolo do ticker	Svc
Capitalização de mercado	US $ 1,2 bilhão
Volume de negociação (média diária)	387.542 ações

Redes de investimentos institucionais

A rede de investimento institucional da SVC inclui:

• Goldman Sachs
• Morgan Stanley
• JPMorgan Chase
• BlackRock

Canais de comunicação de investidores diretos

Número de telefone das relações com investidores	(617) 796-8230
Reuniões anuais de acionistas	2 por ano
Chamadas de ganhos trimestrais	4 por ano
Contatos de e -mail para investidores	5.678 registrados

Service Properties Trust (SVC) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, o Service Properties Trust atrai investidores institucionais com o seguinte profile:

Métrica	Valor
Propriedade institucional total	72.4%
Principais detentores institucionais	Cohen & Steers Inc.
Investimento institucional médio	US $ 15,2 milhões

Fundos de investimento imobiliário

Características -chave para fundos de investimento imobiliário:

• Composição do portfólio: 318 hotéis e 1.315 propriedades relacionadas ao serviço
• Valor total do investimento: aproximadamente US $ 8,3 bilhões
• Diversificação geográfica: propriedades em 45 estados

Investidores de varejo

Segmento de investidores de varejo	Percentagem
Propriedade total do investidor de varejo	27.6%
Investimento médio de varejo	$45,000

Indivíduos de alta rede

Detalhes do segmento de investidores de alto patrimônio líquido:

• Limite mínimo de investimento: US $ 500.000
• Faixa de investimento típica: US $ 750.000 - US $ 2,5 milhões
• Características de investimento preferidas: rendimento estável de dividendos

Buscadores de diversificação de portfólio

Métrica de diversificação	Valor
Diversidade do tipo de propriedade	Hotéis, estadia prolongada, centros de bem -estar
Propagação geográfica	45 Estados dos EUA
Rendimento de dividendos	8,2% (em dezembro de 2023)

Service Properties Trust (SVC) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Para o ano fiscal de 2023, o Service Properties Trust registrou custos totais de aquisição de propriedades de US $ 92,3 milhões. A quebra das despesas de aquisição é a seguinte:

Categoria de aquisição	Valor ($)
Aquisições de propriedades do hotel	68,450,000
Aquisições de propriedades de varejo	23,850,000

Gestão e custos operacionais

As despesas operacionais para 2023 totalizaram US $ 215,6 milhões, com os seguintes componentes -chave:

• Taxas de gerenciamento de propriedades: US $ 47,2 milhões
• Custos de gerenciamento de ativos: US $ 33,5 milhões
• Despesas de pessoal no local: US $ 89,7 milhões
• Sistemas de suporte operacional: US $ 45,2 milhões

Manutenção e reforma de propriedades

As despesas totais de manutenção e renovação para 2023 foram de US $ 124,5 milhões:

Categoria de manutenção	Valor ($)
Manutenção de rotina	62,300,000
Principais projetos de renovação	42,700,000
Atualizações de conformidade e segurança	19,500,000

Overhead administrativo e corporativo

As despesas gerais corporativas de 2023 totalizaram US $ 37,8 milhões, incluindo:

• Compensação de executivos: US $ 12,3 milhões
• Custos legais e de conformidade: US $ 8,5 milhões
• Despesas administrativas corporativas: US $ 16,5 milhões
• Infraestrutura de tecnologia: US $ 4,5 milhões

Despesas de juros e financiamento

Os custos de financiamento para 2023 foram documentados da seguinte forma:

Categoria de despesas de financiamento	Valor ($)
Juros sobre dívida de longo prazo	98,700,000
Custos de refinanciamento da dívida	6,500,000
Taxas da instalação de crédito	3,200,000

Estrutura total de custos agregados para 2023: US $ 470,2 milhões

Service Properties Trust (SVC) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades comerciais

Para o ano fiscal de 2023, a Service Properties Trust registrou receita total de aluguel de US $ 637,4 milhões. O portfólio de propriedades consiste em 326 hotéis e 88 centros de viagem nos Estados Unidos.

Tipo de propriedade	Número de propriedades	Receita de aluguel
Hotéis	326	US $ 437,2 milhões
Centros de viagem	88	US $ 200,2 milhões

Ganhos de venda de propriedades

Em 2023, a Service Properties Trust gerou a venda de propriedades de US $ 124,6 milhões, com um ganho líquido de US $ 18,3 milhões em disposições de propriedades.

Taxas de gerenciamento de ativos

A empresa registrou taxas de gerenciamento de ativos de US $ 12,7 milhões para o ano fiscal de 2023.

Distribuições de dividendos

Propriedades do serviço A confiança distribuiu dividendos totais de US $ 1,56 por ação em 2023, com um pagamento total de dividendos de US $ 144,3 milhões.

Período de dividendos	Dividendo por ação	Pagamento total de dividendos
Q1 2023	$0.39	US $ 36,1 milhões
Q2 2023	$0.39	US $ 36,1 milhões
Q3 2023	$0.39	US $ 36,1 milhões
Q4 2023	$0.39	US $ 36,1 milhões

Apreciação do portfólio de investimentos

O valor total do portfólio de investimentos para o Service Properties Trust foi de US $ 6,2 bilhões em 31 de dezembro de 2023, com uma apreciação de 3,7% do portfólio durante o ano fiscal.

• Valor total do portfólio: US $ 6,2 bilhões
• Taxa de valorização da portfólio: 3,7%
• Apreciação não realizada: US $ 229,4 milhões

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.