- 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