John Murray
Sonesta Appoints John Murray as President and Chief Executive Officer
Sonesta | March 14, 2022
NEWTON, MA - March 14, 2022 - Sonesta International Hotels Corporation (Sonesta) today announced that John Murray, a Director of Sonesta since 2018, has been appointed as President and Chief Executive Officer effective April 1, 2022. Mr. Murray has been a Managing Trustee, President and Chief Executive Officer of Service Properties Trust (Nasdaq: SVC), which owns a 34% interest in Sonesta, since 2018 and a member of SVC's management team since its initial public offering in 1995. Mr. Murray currently serves on the Urban Land Institute (ULI) Development Council and the American Hotel Lodging Association (ALHA) Hotel Investment Roundta...
Service Properties Trust Completes the Sale of Eight Hotels for $45.3 Million
Service Properties Trust | November 23, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq:SVC) today announced that it has completed the previously announced sale of eight TownePlace Suites branded hotels with 834 rooms and a net carrying value of $35.0 million for an aggregate sales price of $45.3 million, excluding closing costs. The proceeds from the sale will be used for the repayment of debt. John Murray, President and Chief Executive Officer of SVC, made the following statement: “Given current market conditions, we are pleased to complete the sale of this hotel portfolio, which we had identified for disposition in late 2019. We were successful in achieving pricing co...
Service Properties Trust Terminates Agreements With Marriott for 122 Hotels
Service Properties Trust | October 7, 2020
SVC Terminated Marriott Agreements for Failure to Meet 80% Termination Threshold for Cumulative Owner’s Priority Returns to SVC through August SVC Plans to Transfer the Management of 98 of the 122 Hotels to Sonesta SVC has Entered Agreements to Sell 24 of the 122 Hotels for $153 million NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has terminated the management agreements for 122 hotels with Marriott International, Inc. (NYSE: MAR), or MAR. As previously announced, SVC sent a letter requesting MAR advance $11.0 million to cover the cumulative shortfall between the payments SVC had received to da...
Service Properties Trust to Transfer 103 Hotels to Sonesta From IHG
Service Properties Trust | August 25, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it will transfer the branding and management of 103 hotels to Sonesta International Hotels Corporation, or Sonesta, from InterContinental Hotels Group plc (NYSE: IHG), or IHG. As previously announced, SVC sent notices of termination to IHG for failure to pay SVC’s minimum returns and rents due for July and August 2020 totaling $26.4 million, plus accrued interest, and IHG had until August 24, 2020 to avoid termination by making payment to SVC. SVC did not receive any payment from IHG by August 24, 2020, nor does SVC expect to receive any payments from IHG ...
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