Newton, Mass.-based real estate investment trust Service Properties Trust (which commonly goes by its Nasdaq symbol SVC) has completed the transition of branding and management for 78 hotels to subsidiaries of Sonesta International Hotels Corp. from Marriott International, a move that was first announced in October. Ten additional hotels are expected to transition to Sonesta by the end of March.
SVC, which owns a 34 percent stake in Sonesta, entered short-term management agreements with Sonesta to manage the 78 hotels on terms substantially consistent with its legacy management agreements with Sonesta that expire on Dec. 31. SVC will enter similar management agreements with Sonesta for the 10 hotels scheduled to be transitioned to Sonesta by the end of March.
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