Service Properties Trust (Nasdaq: SVC) is a real estate investment trust that owns and leases hotel properties and net lease commercial real estate across the United States. It makes money through rental income from net leases and returns from hotel management agreements, structured so that tenants and operators bear most operating costs. As of December 31, 2025, SVC owned 94 hotels with 21,243 rooms or suites in 31 states, the District of Columbia, Ontario, Canada, and San Juan, Puerto Rico, plus a net lease portfolio spanning 115 distinct brands. The largest single tenant is TravelCenters of America (TA), which leases 175 travel centers under five master leases expiring in 2033, backed by a limited guaranty from BP Corporation North America. SVC invested approximately $2.3 billion in 131 TravelCenters of America branded properties and approximately $1.0 billion in 44 Petro Stopping Centers branded properties as of December 31, 2025. During 2025, SVC sold 112 hotels and acquired 29 net lease properties, actively shifting its portfolio toward net lease assets. The trust was established August 21, 1995, and is organized under Maryland law.

Revenue model

Rental income from long-term net leases and contractual returns from hotel management agreements. Tenants and managers pay minimum rents or returns; SVC retains the real estate and collects contractual cash flows.

Products and services

Net leased commercial real estate including travel centers (TravelCenters of America and Petro Stopping Centers brands) and necessity-based retail properties. Hotel properties operated under brands including Royal Sonesta Hotels managed by Sonesta, across full-service upper-upscale and other chain scales.

Customers and end markets

Commercial tenants under net leases, primarily TravelCenters of America (TA) as the largest single tenant. Hotel operators and managers serving corporate and leisure travelers. Tenants in necessity-based retail industries.

Value-chain role

Real estate capital provider and landlord. SVC owns properties and provides long-term lease or management agreement structures to operating companies, which run the day-to-day businesses.

Geographic exposure

Primarily United States. Hotel portfolio in 31 states, the District of Columbia, Ontario, Canada, and San Juan, Puerto Rico as of December 31, 2025. Net lease portfolio described as geographically diverse within the U.S.

Source: SEC 10-K, filed 2026-02-25

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