TKO offers $2 billion for Service Properties Trust's hotel portfolio
SVC•TKO LLC submitted a $2 billion all-cash offer for Service Properties Trust's hotel portfolio. The proposal could let the REIT pay down more than 40% of its debt, but remains subject to negotiations and board approval.
1. Offer details
TKO said it submitted the offer on Friday. The proposal would allow Service Properties Trust to pay down more than 40% of its debt while preserving its net-lease business; it remains subject to negotiations and approval by the REIT's board.
2. Portfolio and shares
Service Properties Trust owned 93 hotels and 745 net-lease properties as of June 30. Its shares were up more than 15% in afternoon trading.
