Hospitality Properties (HPT) announces $2.4 billion acquisition and name change.
Hospitality Properties Trust (HPT) announced today that it has completed the $2.4 billion acquisition of a net-leased service retail portfolio from Spirit MTA. The acquired portfolio includes approximately 774 properties in 22 industries, and will serve to diversify the company's business mix away from hotel and travel center properties. In recognition of the shift in business strategy, the company also announced that it will change its name to Service Properties Trust and begin trading under ticker symbol "SVC" effective September 25th.
Inclusive of the acquired Spirit MTA portfolio, Service Properties said that it is now a $12.6 billion equity REIT with a diversified tenant base of 185 brands in 24 industries.