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Service Properties Trust to terminate IHG agreements covering 103 hotels

  • Due to non-payment of ~$8.4M of required priority return for the month of July 2020, Service Properties Trust (NASDAQ:SVC -4.3%) has sent a notice to InterContinental Hotels Group (NYSE:IHG +0.2%) for terminating its operating agreement covering 103 hotels.
  • IHG has 30 days, or until August 24, 2020, to make the payment plus accrued interest to avoid termination.
  • The effective date of the termination set in the notice is November 30, 2020.
  • Press release

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