Service Properties Trust Amends Hyatt Agreement
Service Properties Trust has amended its agreement with Hyatt Hotels Corp. regarding the management of 22 Hyatt Place properties for which Hyatt had sent a notice of termination in January. Under the terms of the amended agreement, Hyatt will continue to manage 17 of the hotels for a 10-year term effective April 1, 2021. Management of the remaining five properties will transfer to Sonesta International Hotels Corp.
Similar agreements were not reached with IHG Hotels & Resorts and Marriott International, which resulted in the termination of those companies managing 103 and 122 properties, respectively. Most of those hotels became Sonesta brands.
SPT owns about 34 percent of Sonesta.
Donna M. Airoldi www.businesstravelnews.com