BUZZ-Services Properties Trust slumps on dividend cut, hotel sales
** Shares of Service Properties Trust fall 20% to $3.81, hitting a record low
** Co slashes quarterly dividend to $0.01 per share from $0.20 per share
** Dividend reduction to result in $127 mln of annual savings
** SVC also intends to sell 114 Sonesta Managed Focused Service Hotels in 2025, use net sales proceeds to repay debt
** Expects sales of hotels to result in savings of about $725 mln in capital expenditures
** Upon completion of disposition plan in 2025, REIT will continue to own 34% of Sonesta
** 1 of 4 brokerages rate the stock "buy", 2 "hold" and 1 "sell" or lower; their median PT is $5.83
** Including session's losses, stock down ~55.3% YTD
(Reporting by Ankita Bora in Bengaluru) ((mailto:Ankita.Bora@thomsonreuters.com))
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