(Bloomberg) — Service Properties Trust is moving to cancel management contracts with Marriott International Inc. covering 122 hotels and is selling two dozen of the properties for $153 million.The Newton, Massachusetts-based real estate investment trust is also set to transfer branding and management of 98 Marriott-branded hotels to Sonesta International Hotels Corp. after Marriott missed payments due Monday.Lodging companies have been trimming expenses as the industry grapples with a collapse of travel that has left hotels largely empty. For Service Properties, which owns a 34% stake in Sonesta, nixing the agreements with Marriott allows it to expand the lodging brand …read more
Source:: Yahoo Finance
