Hospitality Properties Trust Completes $2.4 Billion Acquisition of Net Lease Service Retail Portfolio

NEWTON, Mass.--(BUSINESS WIRE)--Hospitality Properties Trust (Nasdaq: HPT) today announced that it has completed its acquisition of a net lease service retail portfolio from Spirit MTA REIT (NYSE: SMTA) for $2.4 billion in cash, excluding transaction costs. In addition to the $2.4 billion purchase price, HPT paid $82.1 million of prepayment penalties related to SMTA’s extinguishment of the existing mortgage debt on the portfolio. In connection with the completion of the transaction, HPT will change its name to “Service Properties Trust”. HPT’s common shares will continue to be listed for trading on the Nasdaq, but under the new ticker symbol “SVC” beginning as of the opening of trading on September 25, 2019. The company’s new website will be “www.svcreit.com”.