SVC - Earnings call transcript Q3 2024 | Service Properties Trust

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Operator

Hello. Good morning, and welcome to the Service Properties Trust Third Quarter 2024 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to hand the call to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

Kevin Barry

morning, good and you, everyone. Thank us Thanks for joining today. Todd me Vice Chief and the Officer. President; are on call Hargreaves, Financial Investment Chief Brian Treasurer President Donley, With and and Officer; Jesse Abair, they just for question-and-answer performance quarter session will In sell-side third moment, provide about and the by our followed XXXX, analysts. details of with our business a a company. the recording conference call today's would I prior consent retransmission written and like to note of of the prohibited that without the is

forward-looking statements XXXX Also the today's project. laws. from note as call contains November XXXX, Litigation on of that the of of Act These based X, materially Securities those expectations and and within that Private beliefs are conference meaning securities and actual we SVC's today, differ forward-looking results Reform statements other may

revise no today's made statements or release undertakes the revision the in any company obligation results to publicly of The forward-looking conference call. to

differences with reliance accessed Additional website Investors cause forward-looking factors in the SEC's undue not those can are be statements. can any contained which website. cautioned filings information to that from svcreit.com SEC, or place is our upon at concerning our the

CAD, hotel FFO, addition, available normalized funds normalized measures, call for earnings may including including these In operations A or net distribution, And to call, contain finally, website. our financial presentation income from providing reconciliation EBITDAre. this night, non-GAAP that and or of figures on available be in this adjusted found cash on release non-GAAP which we are SVC's we can issued last guidance EBITDA. are

without certain reconciliation measure guidance reconciliation at providing part not non-GAAP information is unreasonable of for all. or because a are required We efforts such as not available this our of

over will turn the With Todd. to that, I call

Todd Hargreaves

morning. Kevin, you, Thank and good

performance capital within and cash a continued generation quarter across flow stable hotel due program, our portfolio results mixed third to portfolio. net renovation improvement balanced Our the our ongoing our by of trend lodging reflect lease

liquidity our we some I improve taking like are to to and results, would reduce highlight discussing actions leverage. Before

$X.XX XX, The from October will reduction providing deleveraging of in the on significant accelerate regular result common per savings, optimization to flexibility share. we our quarterly million dividend of initiatives. continuing portfolio execute to our reduction to annual $XXX with us announced On share per $X.XX while approximately

our million. XXX a focused service an announced aggregate to portfolio, the XX,XXX carrying and plans which also Sonesta We value in sell of $XXX of hotels keys net have

to XXXX and expect are proceeds hotel We these in $X approximately of targeting sell billion.

X we over spent will will which in Additionally, $XXX the as that focus certain a savings and hotels. full-service properties XX% extended of million hotels service Sonesta. Sonesta hotels, result XX stay higher-performing expenditures, completion expect of portfolio period. will on hotels hotels plan, capital hotels continue these will disposition These to owned X-year by be manage of on to service Sonesta well these to forecasted SVC. SVC focused sales approximately we our XX divestitures the as Upon full-service expect continue of to in select is transform own

results our Turning the to for portfolio. hotel

undergoing hotels continued our quarter, at overall renovation. to be revenue by certain performance displacement During affected the of

experienced RevPAR points of basis comparable properties, comparable year-over-year. While X.X% excluding declined RevPAR an XX renovation the year-over-year, increase

displacement weakness Beginning in than well less group the business. of within a was with which our as strength of impact top line offset RevPAR portfolio, as full-service X%, reported renovation by transient decline contract on revenues

by were by full-service year-over-year renovation top in growth improvement XX outpacing under during X.X% quarter, RevPAR XXX industry of Excluding of the the X grew performing terms year-over-year, Sonesta points. our X basis full-service hotels. portfolio hotels full-service hotels

the related in Galleria uplift Convention. The in of and Democratic Barrel in More group properties in gains the Royal specifically, with Hotel increase Royal our improved Houston an revenue. aftermath New from Sonesta in our results, along Orleans demand Sonesta Hurricane benefited National experienced from banquet Chicago a generated

extended stay were XXXX. to in experienced X during renovation quarter the compared as in hotels Our only disruption our portfolio under portfolio the QX XX most

at addition, stay In hotels Atlanta, stays Las Vegas longer-term to occupancy. led lower in and our San lower extended Diego

this value RevPAR is and our Philadelphia enhancing Atlanta. from extended within currently multi-quarter bookings X.X% at on total, business, year-over-year. through our portfolio and by for OTA XX Sonesta stay hotels in trend, on contract driven increased points generated basis shorter-term In growth RevPAR Sonesta portfolio, stay declined focused wholesale Based service select occupancy our Within channels. of Select specifically growth, and

was portfolio, decline year-over-year. this RevPAR of the points residual renovations Hyatt by effects within increase basis from recently XX total in offset service However, resulting Select completed a

to in operating wage growth rates levels and towards Occupancy on continue profitability. in hotel the our across service all rising led strategic portfolio labor Despite increases. weigh shifts Turning in-house reductions staffing to full-service pronounced expenses. cost most hotel contract labor, to

Beyond of cost taxes. estate commissions labor, the during increases largest third quarter the real consisted and group

increase customer group in continue of a basis. a we offset terms business, segmentation, transient in on In revenues to mix see decline an year-over-year by of

quarter, XX% customers third approximately XX% of transient the representing contract our group followed X%. and respectively, revenues, hotel During total business represented by

with growing on Sonesta its brand Pass program. on increasing loyalty an remains emphasis Travel focused

hotels hotels, more than Across of our Pass revenue full-service revenue and XX% room represented with quarter focused growth within Travel X service of during points year-over-year. Sonesta percentage full-service over the

end, XXX price of X during million. Since keys of of with an aggregate selling an sales to dispositions aggregate million. have XXX price with X continue hotels keys progress $XX.X sales make We for of an aggregate the additional aggregate an we hotels quarter $XX.X sold on quarter, strategic for

agreement of sell with hotels sales We X have also aggregate for million. of keys reached an price XXX combined to $XX.X a

a hotels by increase of announcement highlighted the are our we net to lease discuss Jesse in leverage, build XXX to the in liquidity portfolio of and more detail. markets. will call our closing, long-term portfolio over to strategy managed continuation to growth the sell recent reflective now our taking reduce to turn and key In measures I

Jesse Abair

Todd. Thank you,

September of XXXX. by as net Turning lease investment XX% represents SVC's XX, to of our portfolio, which portfolio

more term Approximately industries. X/X XX.X% years. XXX XXX a average remainder net of Our retail properties lease is diverse portfolio X.X credit tenants quality than our strong BP, and lease by over a operating XX includes were service-oriented weighted anchored of in the leased tenant with

Our lease a with expire September net rents net are of XXXX. aggregate X.Xx minimum XXXX, to which a before of trailing consistent XX, minimum our lease maturities The portfolio's on basis. X.X% laddered basis our of was only scheduled rents on coverage well as XX-month quarter was sequential lease

was the the Between flows cash expect performance, the minimum their coverage our continue and BP TA backed providing leases net of properties, stable TA coverage portfolio, Excluding consistent X.Xx. assets the strong for balance to lease rent the to SVC. we

dispositions activity the included proceeds. transaction X sale a feet, during the properties hotel combined in containing approximately the sale square net to in discussed $X.X earlier, addition aggregate quarter million resulting of In lease Todd XX,XXX

entered an sell into We property a agreement square net X,XXX lease foot for $X also to million.

income SVC our and Overall, improvement flexibility our execute as that balance steps predictable continues take plans afford net and we hotel to lease steady streams to sheet. generate portfolio capital our optimize

turn the to now results. to financial will our over Brian discuss call I

Brian Donley

in share Thank Starting FFO with consolidated per and financial you, good prior per was normalized quarter or Jesse, to results as declined year-over-year to interest results our and higher hotel $X.XX compared morning. XX.X% be continue third lower million expense the $X.XX for quarter. $XXX of year impacted quarter $XX.X EBITDAre quarter share year versus the to this by Financial EBITDA. the prior Adjusted XXXX, million.

operating year, the margin expense. to RevPAR decreased declined increased the basis XXX prior or $XX lower comparable and quarter, our this by prior XX.X% profit driven XX million hotels points, period. taxes, primarily profit real comparable by basis XXX percentage our estate insurance gross line decreased by hotels from For operating gross by the year X% $XXX,XXX partially GOP Below from increased costs by at offset points

from generated prior year. $XX.X $XX.X of hotels a EBITDA XXX decline hotel of Our million, the million

extended decreased million hotels, hotel stay declined year-over-year EBITDA our million $X.X By and $X for our our full-service hotels XX hotels. service for $X select million level, for service XX XXX

under renovation hotel For the hotels declined million. EBITDA the $X.X that XX quarter, during were

Todd earlier, unbranded XXXX. XX,XXX plan in focused As hotels and sell keys we to with discussed XXX service

we retain. operating currently the presentation exiting We earnings and within details the that our have on provides SVC statistics to expects provided hotels hotels are

we exiting, retain of The EBITDA hotel million $XX $XX.X during and of the including quarter. currently generated the quarter, market and RevPAR hotels XXX hotels of SVC $XXX for to the the For hotel hotels EBITDA sale, XX are RevPAR $XX generated of plans in million.

our hotel EBITDA to and to currently We're the QX. in for expectations full Turning projecting million $XX $XX of $XX quarter million to RevPAR $XX QX range.

Turning weighted X.X%. billion with to the $X.X of rate currently of have fixed balance We outstanding sheet. average debt rate interest a

in million liquidity, credit million senior of of $XXX maturing over facility. notes have XXXX. full unsecured of maturity total $XXX We revolving next $XXX our million availability currently February Our including debt is

proceeds sales we We use selling for XXXX expect debt. from in of and expect repayment announced the to hotels generate are to the $X approximately XXX the we billion

at renovations recurring capital of our same of hotel $X.X These over Turning Miami improvements We a totaled the the X $XX in $XX of year-over-year. was properties our million during EBITDA White which quarter made generated largest Airport, program. during comprised spend at to New quarter, York total $XX our third activity. hotels in The million full-service our investing for of LAX, Plains, million quarter. to and capital hotels this decline million $XX capital hotel related renovation million and

expenditure around the capital We million. currently be expect full to $XXX XXXX year spend

the we extended completed the across fourth major at renovation of X and have hotels all hotels stay in our X hotels during service renovations to XX hotels, year, hotels. calendar including full-service select XX expect levels XX We be and under quarter, will service

million. the hotels for sale X X net $X.X $XX.X for million. with hotels to of we We're sold XXX lease keys and million X assets agreement for under During a $XX.X sell quarter, price with keys XXX

dividend and to CapEx recent made operating extensive decision the have the of reduce quarter prudent performance initiated. difficult we our but $X.XX to hotels given common this program the the We

deliver expenditures commitment to refocus ready remarks. portfolio, flexibility. line hotel expect prepared questions. liquidity save million to That debt repay open our for for and improve $XXX term. long up, the position our our financial enhancing to and concludes We're to reduce steps capital To on we're our the our annually, We taking sum to

Operator

Riley. first Today's Maher Instructions] with from Bryan [Operator question B. comes

Bryan Maher

more Looking to probe activity of in hotels. specifically rough on give any for what outlook we're full-service more of longer-term us renovation dollars? you the and idea years a number on little number the Can looking and bit at of

Jesse Abair

do call for spending We're will I so Brian, with below say that to thanks We're to expect be the or on typical what 'XX on It's spend number fourth sales, prepared we're beyond. going there's us. now our as timing. on the for question. this for year. going we quarter -- right to CapEx just give not guidance much

to not to continue approval or for reevaluate come projects it forward. We and whether move makes sense as up they

a a we saying next lot by moving it up expect there's sum I'll year. do just spend of So pieces today. lower

Bryan Maher

XX retaining some hotels, on your prepared it do Maybe some deeper in of hotels. said that normal think you planning you the I more you than degree? how way, a to need renovation XX different to comments, many ask were CapEx, a think

Jesse Abair

we're standing mean right in I But have We'll we being give concentration, more good I the capital there's portion think exactly I'm there's not market. a I the good guide been hotels in renovated continue quality that as that that how keeping the number or to many color full-service largest to Yes. as of in. forward deploy be. we'll that prepared go them of a now the described. definitely just boxes might

Todd Hargreaves

of have I several the the includes XX large Hyatts Right. a as that of all been well. those Radissons XX, one number mean of Sonestas renovated well as already. the as And

Bryan Maher

any there doing that the would and on Is be? when Nautilus update

Todd Hargreaves

at we're point Yes. to Nautilus, in XXXX. renovation start some that The expecting

to If going purchased and million into $XX do common we in it, recall rooms there. some to put around to James reported the were that we a the when renovation convert another we that you and areas hotel, work that

XXXX. the plan. a That that but as that's to expect be not final in be the So still we operating budget, may James

Bryan Maher

Okay.

you're second, seeing Can there Just quick think give earlier third. as lag you any The was indications in you us this ones. some Hyatt quarter? the year, X% I'm that there negative fourth RevPAR there. X% to renovated X in assuming was maybe negative I more early the what the in

Todd Hargreaves

little But -- mean have the point, I I to don't the have your for hotels completed be on the as work couple the Yes. all a so completed the and of quarter. exteriors at they're well a the still things, hotels. but substantially renovations other -- of EBITDA far have -- on RevPAR fourth we in some to we There's at done as done. those bit specifics the

seeing to expect quarter we start lift those in from here that the or So next X renovations.

Bryan Maher

Okay.

by those Just the announced on stay many hotels last, the to expect going encumbered of to how XXX you've brand? Sonesta sell, do that that you you're

Todd Hargreaves

hotels sold It's we of just the on will success of and hard that's those majority encumbered the much of and are experience and on hotels we've we've My selling phase to portfolio they say this exactly years, or the in -- sense brand, The is currently encumbered recent how to the XX past than stayed believe were ability not. branded. hotels our with or hotels based the that in what in more I sold the that over Sonesta many. our if they've remain stay to the a lead of stronger the selling based we're few XX will process likelihood performers through which

suites groups franchise Sonesta ES Most premium wanted sold pay a -- agreement. what of multifamily what of say of we're were unencumbered to convert under that were Most to a has of the we've to the ones willing I'd encumbered probably the more. XX% and or XX% that hotels remained sold

know number, to that -- or around exact likely it's but be I going to kind So the higher. don't of percentage it's

Operator

[Operator Dori Kesten Wells Instructions] comes next question The with Fargo. from

Dori Kesten

I'm to just versus generate? put -- reconcile in that I'm may capital the EBITDA key trying a per they the need new to owner

Todd Hargreaves

Dori. missed about the the the of of hotels? sale related -- I to talking that part Is You're first question,

Dori Kesten

Yes, the XXX.

Todd Hargreaves

Sure.

in So that, And about hotels. million for of EBITDA have you XXX, sale if -- so EBITDA. annualize included the and we it's supplemental the detail the in the $XX

same. I of are them think all hotels, of most those not the

the Some will to the renovation anywhere But brand to buyer -- need key, for of don't last on I in as purchase most them a and price. a think the some a say, $XX,XXX having large renovation part, others $XX,XXX aren't from hotel might. of depending would date, above the as I anywhere invest as anticipate the

Dori Kesten

are those XXX, you EBITDA? generate the on million basis, in a around And those trailing were Okay. $XX -- XX saying

Todd Hargreaves

That's right.

Dori Kesten

a XX upside term, the can Okay. And trailing stabilize hotels sense where the renovation you margins for retained to And realized? once been give are? us you would those -- about your longer where then expect has

Jesse Abair

range. dragging portfolio net Yes. hotels, The EBITDA. The level, hotels trailing margin that keeping XX, EBITDA and the select a and the weighted as $XXX of disposing at was higher the XX%. the The The the full-service Dori, properties that Again, only basis had noise XXs. on focused with than keeping we're other margins average the service generated ones we're the hotels million a we're are what's a some service the of XX% in XX given full-service much in on XXX XX that. are about focus that Hyatts, that The of had service down hotels. XX% margin service, margin well in the the Hyatts as Sonesta focused

So there's going on. mixed bag a

up full-service think margins the back are need performing selected of low out do the in we've get XX%. retain Sonesta in upwards to be those and XXs of to The the where very healthy the again, and highest So service to running. focused those margins portfolio, where to should XXs, be to have hotels the work hotels, we XXs they we they

Dori Kesten

Okay.

that. let the there, The around XX% the Sorry, correct? you're XX% ones eventually, should and currently range. they that hotels somewhat repeat just are are high Is exit towards keeping but get me around that XXs, also margins

Jesse Abair

it's other Yes, the that dragging we're and illustrate right that very very sort why of And full-service of into have full versus XX% and like Yes. what some only properties it's of move have had -- a down that of Hyatt properties retaining. generating there's as renovation, the under of some under a of related to story got I We service quickly the to some averages. we bifurcation focus split to a to surely of we've the up tried will renovation on we've And 'XX low X%. now. ramp then these margins margin expect the of we hotels

Dori Kesten

it early? portfolios? then a of Or And since in disposition last Okay. made inbound is received one, you bit you announcement interest the any have little just your plans,

Todd Hargreaves

lot still very We've is early, It Yes. very preliminary. received a interest. of

we're a going of are -- broker. in the We to engaging process

interest So a portfolios have of on types that run there's process, really we been trying these have been to to based institutional of a significant lot are received scale we because but going groups what's market what's to large many for select kind to service market the market, been to knowledge, haven't stay and extended the come what's currently in my just in hotels, portfolios. expected of high-quality and there

a and So of have to properties groups been lot these Xs. buy having Xs and Xs in

XX, inbounds of buy So hotels to want received XX portfolios groups to scale for really a we've of up. lot that

a it be for So not interest belief demand going the the of our surprised that just with confirms inbound the to lot but with interest, -- there's portfolio. really

Operator

is from question next with The Oppenheimer. Batory Tyler

Tyler Batory

a questions follow-up here. So of got bunch I

which nice Just not you are I in you billion I'm pricing. with than expectations think think these Or on be sure that? that are kind you talking some have been to in a one-offs? you mean, portfolio number, where just or about how to just of I in do terms we to groups? bit better the I larger see the there clear guess out, your out sales, are buyers confidence topics there had kind much $X few larger be was And of expecting expecting. do of opportunities more a It's float but

that's Obviously, playing be to are more portion the in into recently of I think of said rates interest I'm capital. going unencumbered. sure hotels move things. cost not sold if the a you And

just giving to of kind with bit Just little the think value more talk versus how brand associated of about Sonesta about flexibility. Sonesta a and a pricing kind that, buyers sell little you the bit of

Todd Hargreaves

Sure.

Okay.

starting question. the first with So

some expecting internal give valuations, valuations, our we hotels to So performance these for that's I based are. into adjusted portfolio broker Obviously, were mean, what an of the sales outside get, and and we in estimate. think that's our historical better quality to guidance hotels of $X we off wanted billion, what

Sonesta the XX of at very sale. different negative and EBITDA had portfolios the midst These what past the in those sold The of the hotels than portfolio. of time XX in in are in selling, we're the both aggregate, we've that

buyers on the looking were yield -- not a So at hotels key a on they're per These stabilized same. cost all basis. those on basis,

on price will basis. rate them of Some cap a

or a of them still basis revenue on will basis. key per multiple Some price a

or these $XX so XX-month basis. on a million had again, of But trailing EBITDA

lot of of markets. So A a much good in different set these are hotels.

Some have well. been recently renovated as

So it's a set. different

it's per key was the came rate. cap -- of and value a we how up combination with So

So really above that again, estimate, the but these we that -- hotels. book $X billion an it for number is is value just net

To your And today, conversations one me second gotten question hotels. larger portfolio, portfolios, sold a going off if lot question, to to we've that's as I it's of the had. Back we've ask XX, but this would XX, envision based isn't you XX sell a as to about looking maybe lot similar out the interested inbounds capital from to institutional we to buyers Xs, groups to sold. who in get we're what of Xs put lot in That Xs, are scale. good have a interest Dori's grow of a of from buying and and said, amount going looking also

we're ownership XX% to when value encumbered lands. of as of based we're in at SVC were yes, evaluate exactly comparing the value think the given to terms getting sure how the and done I'm where interest versus I But our that similar In when -- in on offers the -- of comparing Sonesta It's the going streams mean, the I know royalty don't trying encumbrance. past values I brand be we've fee a unencumbered. offers. not you calculation

be the to from going would in. to what come look be past, so heard we've based in. offers far, we in these encumbered, XX% of but the expect hotels, estimate, estimate on just sold at I most where Again, we if had something again, what see get would the I as I today, market sold that's So we've plus we'll offers

Tyler Batory

Okay.

I about questions Okay. Great. asked once. Yes, XX at just

on you those. appreciate hitting I all So

$XX in mean, there in million we to I pieces QX. for guide moving of performance was $XX the And at million QX, bit the portfolio. was QX, than portfolio, quarter the a lower came EBITDA the a There's The $XX the in So in range both think in million. terms had. I you in lot and little for of

moving disruption not impacts renovation than sure So you know maybe I was little obviously I'm that the greater through the thought. bit sales, number, asset a too.

of the if factors sure So that there's the hotel of are EBITDA impacting and performance EBITDA I'm some outside not here kind portfolio. generation

Jesse Abair

down them, the lot Yes, back and build Tyler, it's select of a if you everything. extended are it renovations recover. service The the there on at some how different are that takes that sometimes has and of properties sometimes when won't property to a things fast of business anecdotal groups bit pin little longer stories of tough There's hotels, stay construction renovate some going commit and up. to

Hawaii, was other just like cost stories the compared the but on leisure year talked performance of and and the because disruption, Maui example, as compression also to outperforming various pressures overall adjustments the and in onetime lodging. about, from some softening last -- for year's demand fires negatively performing There's this and that P&L we

yes, operating but we on disposition to it's to and where message, portfolio plan, plan, be. portfolio in be CapEx about, a this executing it continue trying focused and to efficiencies just both the going mixed as the lot on on to a get the needs there's talked we So

Tyler Batory

think comps. I thinking the couple flip? mean, here, But to then some looking mean do some that about quarters, for of not think you've start trend the have And I of done could the easy peers. you've to some And necessarily other Okay. past I think renovations guidance. lagged that, you performance RevPAR going I I'm

Is something we industry? possibly it perspective? might You higher to from year outperform just mean that that left. hotel a see RevPAR next you have might a quality portfolio I start is possible the

Todd Hargreaves

lot revenue our think -- renovations. disruption We has to I from of impact the assessment. No, been Sure. fair that's a a

expect to renovations, expect more we take you have a we we to continue out disruption. to continue more so the RevPAR If have saw increase, to renovations, although

get Brian's side, again, And we Suites, sales very service on comments, the through of markets are of XX the the these hotels upside today. this are on back that the and and focused Sonesta we we're mean, those performers in full-service goes hotels, -- lot in see a to what keeping a XXX They're lot Sonesta they're the the then trailing it, I'll portfolio a Select once of Brian of But we're strong it. as XX-month hotels margins. Simply over the I but repeat again, mentioned The keeping ES basis, XX% in. Suites,

of the just are had fixed And and the we're driving reasons we've And getting. you selling, it's time -- these we're the side. we're hotels on selling keeping that selling RevPAR of the if XX% a those premium expense one have the of the others on look cost you hotels ones with a challenging is to RevPAR these lower because specifically, at hotels margins that relative some the

to the very some long But renovations. disruption So in to But in we're lift to going your of we start Again, don't from start at yes, of we have see see we RevPAR going answering should hotels these of an where question. the we way exit to, more growth I should as we forward. that uptick RevPAR. ability, the least, as see think continue expect

Tyler Batory

term, you with how with Last of the of that coming I you the next here, on I obligations maturities that are lot the everything made to obviously, are tie liquidity comfortable strategic something you've focused pretty of have I talk it's folks due. And just on. think me. that couple a a think debt decisions paired just in guess, things. They a handle for your mean, debt together good about years? number the have are I near

might like, done to farther some need bit is up little question there well, out. a these to the handle come be of obligations But more of to that starts

you're but So comfortable short little some ball, just no the of of sense are think that with handle longer has a in the how you And trying and term. beyond. things to debt talk how you just you one kind bit to coming a good a of just obviously, even term, get kind maturities XXXX positioned have of crystal

Jesse Abair

with Sure. It's in a great our comfortable question. term. position short We're the liquidity

in to derisk capital due the $X markets. to We've one another question think billion ability our in demonstrated last demonstrate, trying coming maturity and the spring part the raises the that think I the to -- at I we've in response of debt been to story done SVC. we is November access maturities and have

the selling are hotels raise cash to repay a amount significant We to of debt.

we debt refinance portfolio But center debt. broader debt channels. to corporate an to to we'll part say not basis. our We've can't refinance This the that's retail delever. the comfortable and done We within the feel able strategic different is of using a decision be travel portfolio and on unsecured

we So pull to of years. as few levers the over plenty have we'll last think shown we've

overly So concerned I'm not liquidity this I don't at have with -- point.

Operator

Mr. question-and-answer Hargreaves remarks. to our concludes This to for over any closing session. I would like turn the back call

Todd Hargreaves

and We NAREIT call. in forward Thank of appreciate you, joining continued SVC seeing this later today's month. at look interest many to your for you everyone,

Operator

you The presentation. conference attending has now for concluded. today's Thank

You may your now disconnect lines.

Service Properties Trust (SVC) 7 Nov 242024 Q3 Earnings call transcript