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Service Properties Trust (SVC) investor relations material
Service Properties Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Completed $295 million in hotel asset sales in Q3 2025, with an additional $67 million in sales in October and November, supporting capital recycling and deleveraging initiatives.
Raised $490 million from new zero-coupon bonds, using proceeds to fully repay the revolving credit facility and retire all 2026 senior notes, improving debt maturity profile and financial flexibility.
Strategic shift continues toward a net lease-focused business model, with incremental acquisitions and portfolio curation.
Portfolio as of September 30, 2025: 160 hotels (29,000+ rooms) and 752 net lease properties (13.1 million sq. ft.) across 46 states, D.C., Canada, and Puerto Rico.
Managed by The RMR Group, with $39 billion in assets under management as of September 30, 2025.
Financial highlights
Q3 2025 net loss was $46.9 million ($0.28 per share), with normalized FFO at $33.9 million ($0.20 per share) and Adjusted EBITDAre at $145 million.
Q3 2025 total revenues were $478.8 million, down 2.5% year-over-year; hotel operating revenues were $377.6 million, down 3.4% year-over-year.
Hotel EBITDA for the quarter was $44.3 million, down 18.9% year-over-year, impacted by asset sales, fire-related disruptions, and elevated costs.
Gross operating profit margin for comparable hotels declined 330 basis points to 24.4%.
Quarterly distribution declared at $0.01 per share.
Outlook and guidance
Q4 guidance projects RevPAR of $86–$89 and adjusted hotel EBITDA of $20–$25 million, reflecting seasonality and industry headwinds.
Guidance does not include the impact of the remaining 76 hotel dispositions expected to close in Q4.
Full-year 2025 CapEx guidance lowered from $250 million to $200 million; 2026 CapEx expected at $150 million, with $20–$30 million deferred from Nautilus project.
The company expects to complete the sale of 69 hotels by year-end 2025 and the remainder within one year, with proceeds targeted for debt repayment and capital improvements.
Priorities for 2026 include driving EBITDA growth in hotels, completing renovations, and disciplined net lease acquisitions.
2026 hotel disposition strategy?
TA Travel Center rent coverage outlook?
Future CapEx and leverage targets?
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Next Service Properties Trust earnings date
Q4 202527 Feb, 2026
Next Service Properties Trust earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Service Properties Trust is a real estate investment trust (REIT) that owns hotels and service-focused retail properties. The company leases its properties to hotel operators under management agreements and to retail tenants across the United States, Canada, and Puerto Rico. Its portfolio includes diverse hospitality and retail assets targeting stable cash flows and long-term lease agreements. Service Properties Trust is headquartered in Newton, Massachusetts, and its shares are listed on the NASDAQ.
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