Marriott in danger of losing 122 hotels to much smaller brand
A Boston real estate trust that severed ties with IHG on a 103-hotel deal last month appears poised to do the same with Marriott on an even larger portfolio — and a smaller hotel company stands to benefit once again. Service Properties Trust, or SVC, sent Marriott a payment shortfall notice this week on 122 hotels across 31 states. Marriott has 10 days to cover the $11 million shortfall or SVC will terminate the agreement and transfer the hotels — largely a mix of select-service and extended stay brands like Courtyard and Residence Inn — to affiliation with Sonesta International Hotels Corp., the memo states.
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063