Service Properties Trust rejects Blackwells Capital's requests
SVC•SVC•SVC•SVC•Service Properties Trust's board unanimously rejected Blackwells Capital's November 5 requests. The trust plans to grow EBITDA by about $109 million at 77 retained hotels before selling them, with sales expected to begin in 2027 and substantially all sold by the end of 2028.
Service Properties Trust's board unanimously rejected Blackwells Capital's November 5, 2026, requests, saying they were contrary to shareholders' best interests.
The board reaffirmed plans to grow EBITDA at 77 retained hotels before selling them to seek higher proceeds. The targeted EBITDA growth totals approximately $109 million over 12 to 24 months. Hotel sales are expected to begin in 2027, with substantially all retained hotels sold by the end of 2028.
Expected proceeds would reduce net debt to Adjusted EBITDA from nine times to no more than five times, supporting a transition to a triple-net-lease REIT.
