Jan
13
2021
Service Properties Trust, which owns 329 hotels across numerous brands, has had disputes with IHG and Marriott and is transitioning those properties to Sonesta Hotels where it’s a one-third owner. Hotel chains often guarantee minimum revenue to property owners, and Service Properties Trust had a dispute over those payments.
Hyatt hasn’t refused to make payment, but has reached its full $50 million guarantee on the 22 hotels under its Hyatt Place brand owned by the company. That gives Hyatt the right to terminate its agreement with 90 days’ notice. Hyatt sent this notice of termination which is effective April 8, 2021.
