Service Properties Trust (SVC) said Wednesday it is taking a number of steps to raise its liquidity and reduce its debt.
The company said it is planning to sell 114 hotels managed by Sonesta International Hotels, valued at $850 million, to repay debt. The sales, expected in 2025, will also reduce capital expenditures by $725 million over six years, the company said.
The company is also lowering its quarterly cash dividend to $0.01 per share from $0.20, which it said will result in $127 million of annual savings.
Service Properties Trust shares were down by nearly 12% in premarket trading.
Price: 4.1000, Change: -0.66, Percent Change: -13.87
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